Elliott Wave Analysis: NZDUSD Is Still Pointing Higher
Hello traders!
Today we will talk about the Kiwi (NZDUSD) its price action from technical point of view and wave structure from Elliott Wave perspective.
NZDUSD is turning higher with impulsive price action, out of a downward corrective channel, so we assume that correction is finished and that pair can be back in bullish mode, especially because of a five-wave rise from the 0.6939 lows. However, nothing moves in straight line, so recent reversal down is normal and ideally it represents a lower degree correction that may form a base at 0.71-0.70 support area. At the same time this pullback can represents the right shoulder of H&S pattern, which is also a bullish development, but it would need broken neckline as a confirmation for an uptrend.
Invalidation level is at 0.6939 previous lows, so as long this holds resumption of an uptrend remains in view.
Trade well!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about the Kiwi (NZDUSD) its price action from technical point of view and wave structure from Elliott Wave perspective.
NZDUSD is turning higher with impulsive price action, out of a downward corrective channel, so we assume that correction is finished and that pair can be back in bullish mode, especially because of a five-wave rise from the 0.6939 lows. However, nothing moves in straight line, so recent reversal down is normal and ideally it represents a lower degree correction that may form a base at 0.71-0.70 support area. At the same time this pullback can represents the right shoulder of H&S pattern, which is also a bullish development, but it would need broken neckline as a confirmation for an uptrend.
Invalidation level is at 0.6939 previous lows, so as long this holds resumption of an uptrend remains in view.
Trade well!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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