In this technical article, we’re going to take a look at the Elliott Wave charts of NZDUSD, which are thoughtfully presented in the exclusive member’s area on our website. Recently, NZDUSD has given us a correction that has unfolded as an Elliott Wave Zigzag pattern. It has reached an extreme area (buying zone) and made a rally from there. In the following text, we are going to explain the Elliott Wave pattern and Forecast.
Before we take a look at the real market example, let’s explain Elliott Wave Zigzag pattern.
Now it is too close entry area The NZDUSD is giving us wave 2 pullbacks still on the process and needs to find buyers again, NZDUSD already shows a clear 3 swings pattern from the peak, reaching the extreme zone. We still could see more short-term weakness in wave (c) of ((X)) toward the 0.58620 – 0.58050 area. The current view suggests buyers should ideally appear at the marked zone for a further rally or 3 waves bounce at least. We don’t recommend selling.
NZDUSD 1 Hour Elliott Wave Analysis Nov, 14 2023
The NZDUSD is giving us wave 2 pullbacks that is unfolding as a Three Swing. NZDUSD already shows a clear 3 swings from the low and still remaining waves ,6 and 7, reaching the extreme zone. We still could see more short-term Strength in wave ((y)) of 2 toward the 0.610000 area.
Now it is too close entry area The EURAUD is giving us wave (4) blue pullback that is unfolding as a Double Three pattern. EURAUD already shows a clear 7 swings pattern from the peak, reaching the extreme zone. We still could see more short-term weakness in wave ((c)) of Y toward the 0.58620 – 0.58050 area. The current view suggests buyers should ideally appear at the marked zone for a further rally or 3 waves bounce at least. We don’t recommend selling.
NZDUSD 1 Hour Elliott Wave Analysis Nov 16, 2023
We got another marginal push down as expected. Buyers appeared at the marked extreme zone and we are getting a good reaction from there. Pullback completed at the 0.58620 low. The rally from the buyer’s zone looks like 3 waves which suggests after 3 waves pull back it should ideally see further continuation higher. It’s important that 0.58620 pivot holds during the expected pullback in order to hold the presented view intact.
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