Elliott Wave Analysis: NZD/USD Rallies In 5 Waves Diagonal
Elliott Wave Forecast | Apr 10, 2018 12:13AM ET
NZDUSD short term 5 waves diagonal Elliott Wave structure . A 5 waves diagonal is different than 5 waves impulse in that the subdivision of wave 1, 3, and 5 in diagonal is in 3 waves, instead of 5 waves in impulse. Up from 0.715 low, Minute wave ((i)) ended at 0.7303, Minute wave ((ii)) ended at 0.7184, Minute wave ((iii)) ended at 0.7322, and Minute wave ((iv)) ended at 0.7239.
In the case of NZD/USD, we can see the internal of Minute wave ((i)), ((iii)), and ((v)) have subdivision of 3 waves. For example, the internal of Minute wave ((i)) unfolded as a 3 waves corrective Elliott Wave structure called zigzag where Minute wave (a) ended at 0.7263, Minute wave (b) ended at 0.72, and Minute wave (c) of ((i)) ended at 0.7303. The internal of Minute wave ((iii)) also unfolded as 3 waves corrective Elliott Wave structure called a Flat. Up from 0.7303, Minute wave (a) ended at 0.7248, Minute wave (b) ended at 0.7193, and Minute wave (c) of ((iii)) ended at 0.7322. Finally, internal of Minute wave ((v)) also unfolded in 3 waves where Minute wave (w) ended at 0.7305, Minute wave (x) ended at 0.7275, and Minute wave (y) of ((v)) is in progress to 0.734 – 0.735.
Once pair reaches 0.734 – 0.7357, it should complete Minor wave 1 diagonal and end cycle from 3.21.2018 low (0.715). Pair should then pullback in Minor wave 2 in 3, 7, or 11 swing to correct cycle from 3.21.2018 low before the rally resumes. We don’t like selling the pair and expect Minor wave 2 decline in the pair to find buyers in 3, 7, or 11 swing as far as pivot at 0.715 stays intact.
NZD/USD Elliott Wave 1 Hour Chart
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.