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Elliott Wave Analysis: Suggest Supported NZDUSD

Currencies / Forex Trading Dec 02, 2018 - 04:55 PM GMT

By: ElliottWaveForecast

Currencies

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

By Hassan Sheikh

https://elliottwave-forecast.com

ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup .

Copyright © 2018 ElliottWave-Forecast - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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