NZDUSD Elliott Wave Analysis: Double Correction Taking Place

Hello Traders,

NZDUSD short-term elliott wave analysis suggests that the decline to 0.6543 low ended red 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, red 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 black wave ((w)) of 2. The internals of that rally also unfolded as double three structure where blue degree wave (w) ended at 0.6639. blue wave (x) pullback ended at 0.6609 & blue (y) of ((w)) ended at 0.6719 high. From there, the pullback in black wave ((x)) remains in progress as a Elliott Wave Flat structure to the areas of around 0.6626-0.6603 (Blue box area). Near-term, as far as dips remain above 0.65389, we expect pair to resume the next leg higher in black wave ((y)) of 2. We don’t like buying the pair and like to stay on the sidelines for now.