Short Term Elliott Wave View in NZDUSD suggests rally to 0.6469 ended wave 4. Wave 5 lower is in progress to complete a cycle from February 25, 2021 high before a larger 3 waves rally at least. Internal subdivision of wave 5 is unfolding as an impulse Elliott Wave structure. Down from wave 4, wave (i) ended at 0.6420 and rally in wave (ii) ended at 0.6460. The pair then extended lower in wave (iii) towards 0.6314, rally in wave (iv) ended at 0.6383. Final leg lower wave (v) ended at 0.6153 which ended wave ((i)) of 5.
Wave ((ii)) correction is in progress to correct cycle from August 12, 2022 high in 3, 7, or 11 swing before the next leg lower. Up from wave ((i)), wave (w) ended at 0.6244 in 3 swings and pullback in wave (x) ended at 0.6161. Expect NDUSD to extend higher in wave (y) which should end wave ((ii)). Then expect pullback in wave ((ii)) to hold below 0.6469 for further downside to break 0.6153 low within wave ((iii)). As far as pivot at 0.6469 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
NZDUSD 60 Minutes Elliott Wave Chart
