Short Term Elliott Wave view suggests that cycle from Oct 8 low (0.642) has ended at 0.697 high as Primary wave ((1)). Pair is now in the process of correcting the rally from Oct 8 low in 3, 7, or 11 swing within Primary wave ((2)). Decline from 0.6968 is unfolding as a double three Elliott Wave structure where Minor wave W ended at 0.6852 and Minor wave X ended at 0.6911.

Internal of Minor wave W unfolded as a zigzag Elliott Wave structure where Minute wave ((a)) of W ended at 0.6915, Minute wave ((b)) of W ended at 0.6944, and Minute wave ((c)) of W ended at 0.6852. Up from there, Minor wave X of ((2)) ended at 0.691 as a double three Elliott Wave structure where Minute wave ((w)) of X ended at 0.6904, Minute wave ((x)) of X ended at 0.686, and Minute wave ((y)) of X ended at 0.6911. Minor wave Y is now in progress lower as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 0.6822 and Minute wave ((b)) ended at 0.6879. Short term, while rally fails below 0.6968, expect pair to extend lower

NZDUSD 1 Hour Elliott Wave Chart

 

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NZDUSD short-term Elliott wave analysis suggests that a decline to 0.6751 low ended primary wave ((2)) pullback. The internals of that pullback unfolded as double three structure where intermediate wave (W) ended at 0.6780 low in lesser degree zigzag structure. Up from there, a 3 wave bounce to 0.6852 high ended intermediate wave (X). Then finally a decline to 0.6751 low ended intermediate wave (Y) in lesser degree double three structure & finally completed primary wave ((2)).

Up from 0.6751 low, the pair has made a new high above 11/16/2018 peak favoring a next leg higher within primary wave ((3)). Thus suggests supported to higher NZDUSD looking for more upside. Above from 0.6751 low, the initial rally to 0.6809 high ended Minute wave ((i)). Minute wave ((ii)) ended at 0.6770 low, Minute wave ((iii)) ended at 0.6879 & Minute wave ((iv)) ended at 0.6851 low. Minute wave ((v)) ended at 0.6885 high which also completed Minor wave 1 as an impulse.

Down from there, Minor wave 2 pullback remain in progress to correct the rally from 0.6751 low in 3, 7 or 11 swings before further upside renew. Short-term focus remains towards 0.6833-0.6803 100%-161.8% Fibonacci extension area of a Minute wave ((a))-((b)) to end first 3 swings from the peak & find buyers there for 3 wave bounce at least. We don’t like selling it and expect buyers to appear in 3, 7 or 11 swings against 0.6751 low.

NZDUSD 1 Hour Elliott Wave Chart

NZDUSD short-term elliott wave analysis suggests that the decline to 0.6543 low ended Minor wave 1. The internals of that decline unfolded as impulse structure with lesser degree Minute wave ((i)), ((iii)) & ((v)) unfolded in 5 waves structure. Above from there, Minor wave 2 bounce is taking place as double correction higher with lesser degree cycles showing sub-division of 3 wave structure its each leg higher.

Up from 0.6543 low, the rally to 0.6719 high ended Minute wave ((w)) of 2. The internals of that rally also unfolded as double three structure where Minutte degree wave (w) ended at 0.6639. Minutte wave (x) pullback ended at 0.6609 & Minutte (y) of ((w)) ended at 0.6719 high. From there, the pullback to 0.6616 low ended Minute wave ((x)) of 2 as a Flat structure. Near-term, as far as dips remain above there, expect pair to resume the next leg higher in Minute wave ((y)) of 2 looking for 0.6795-0.6835, which is the 100%-123.6% Fibonacci extension area of Minute wave ((w))-((x)) to end Minor wave 2 bounce. We don’t like buying the pair.

NZDUSD 1 Hour Elliott Wave Chart

 

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Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of NZDUSD . In further text we’re going to explain the Elliott Wave structure, forecast and trading strategy.
As our members know, we were keep saying that NZDUSD has had incomplete bearish sequences in cycle from the July 2017 peak. The pair is missing another swing down to complete proposed cycle. Consequently , we knew that short term bounces should ideally find sellers in 3,7,11 swings sequences. We advised clients to avoid buying the pair and keep on selling the rallies when chance occur.

Let’s take a look at the short term Elliott Wave forecasts

NZDUSD Elliott Wave 1 Hour Chart 7.5.2018

As we can see at the charts below, NZDUSD is doing short term recovery, labeled as wave 2 red.  Proposed short term bounce seems to be unfolding as a Elliott Wave Zig Zag pattern when we have recently got break of wave ((a)) short term high. Now as far as the price stays above wave ((b)) low, we have incomplete sequences in the short term cycle from the 0.6684 low calling for another leg toward 0.68462-0.6869 area ( potential sell zone). Although we expect the pair to trade higher in short term, we don’t recommend buying it yet due to incomplete bearish sequences in larger cycle. Strategy is waiting for the price to reach mentioned area-blue box before selling the commodity pair. If NZDUSD manages to reach proposed sell zone 0.68462-0.6869 area, we will open short positions there. We expect to get either further decline or 3 wave pull back alternatively. Anyway, as soon as the price reaches 50 Fibonacci Retracement against the (b) black low, we will make our Sell positions Risk Free. Stop Loss of the trade is break above 1.618  Fibonacci extension (0.69072)

NZDUSD Elliott Wave 1 Hour Chart 7.16.2018

NZDUSD has made proposed leg up and reached sell zone at 0.68462-0.6869 . It has found sellers and gave us the decline from the blue box inflection area as expected with the actual high coming at 0.68597. . Any short positions should be risk free. Currently the price is doing recovery agianst the 0.68597.   As far as mentioned pivot at 0.68597 high holds, another leg down is possible toward our target. Break above 0.6895 peak would open possibility of extension higher toward 0.6897-0.6938 area.

Note: Keep in mind not every char is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.

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NZDUSD short-term Elliott Wave view suggests that the bounce to 0.7060 high ended intermediate wave (4). Down from there, the decline is unfolding as Impulse Elliott Wave structure where sub-division of Minute wave ((i)), ((iii)) & ((v)) are unfolding in 5 waves within a lesser degree cycle. On the other hand, the corrective Minute degree wave ((ii)) & ((iv)) should unfold in any 3 wave corrective sequence, such as zigzag, double three, flats.

Down from 0.7060 high, the pair ended the first leg lower in 5 waves at 0.6991 low in Minute wave ((i)). Minute wave ((ii)) ended at 0.7053, Minute wave ((iii)) ended at 0.6918 low in another 5 waves. Up from there, the bounce to 0.6955 high ended Minute wave ((iv)). Below from there, Minute wave ((v)) of 1 remains in progress in another 5 waves structure. Pair has already reached the minimum target in blue box, thus cycle from 0.7060 high is mature. Once Minor wave 1 is complete, pair should bounce in Minor wave 2 in 3, 7 or 11 swings before the decline resumes, provided pivot at 0.7060 high stays intact. We don’t like buying the pair in the proposed bounce.

NZDUSD 1 Hour Elliott Wave Chart

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