Short term Elliott Wave View in NZDUSD suggests that rally to 0.637 ended wave 1. Pair is now doing wave 2 pullback to correct cycle from 10.26.2023 low. Internal subdivision of wave 2 is unfolding as a zigzag Elliott Wave structure. Down from wave 1, wave (i) ended at 06325 and rally in wave (ii) ended at 0.636. Pair then resumes lower in wave (iii) towards 0.6218 and wave (iv) rally ended at 0.6285. Final leg down wave (v) ended at 0.618 which completed wave ((a)).
Wave ((b)) correction ended at 0.6278 with internal subdivision as a zigzag. Up from wave ((a)), wave (a) ended at 0.6277, wave (b) ended at 0.6195, and wave (c) higher ended at 0.6278. This completed wave ((b)) in higher degree. Pair has resumed lower in wave ((c)). Down from wave ((b)), wave i ended at 0.622 and wave ii ended at 0.6242. Wave iii lower ended at 0.618 and wave iv ended at 0.62036. Expect wave v lower to end soon which should complete wave (i). Pair should then rally in wave (ii) to correct cycle from 1.12.2024 high in 3, 7, or 11 swing before pair resumes lower. Near term, as far as pivot at 0.637 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
NZDUSD 60 Minutes Elliott Wave Chart
NZDUSD Elliott Wave Video
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