News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • Risk aversion is starting to take serious traction but the Dollar is also climbing after Powell's failed attempt to soothe markets. That said, I'm watching $USDJPY (sentiment below) along with the Nasdaq 100. My analysis:
  • Copper is on track to make a sixth consecutive monthly gain as prices inch towards its all-time high. The global backdrop remains supportive despite a short-term pause in the rally. Get your market update from @FxWestwater here:
  • RT @globaltimesnews: China's GDP growth target in 2021: above 6 % #TwoSessions2021
  • Retail trader signals still hint that the Dow Jones and S&P 500 may be at risk, placing the focus on year-long rising trendlines to see if dominant upside biases hold.Get your market update from @ddubrovskyFX here:
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.84% Gold: -0.18% Silver: -0.66% View the performance of all markets via
  • BoJ's Kuroda: Importance of keeping yield curve low remains unchanged, appropriate to increase flexibility of ETF purchases -BBG
  • BoJ's Kuroda: Don't think it is necessary to expand long-term yield band -BBG
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.06% 🇬🇧GBP: 0.06% 🇨🇦CAD: 0.05% 🇪🇺EUR: -0.08% 🇦🇺AUD: -0.12% 🇳🇿NZD: -0.23% View the performance of all markets via
  • Japan's Prime Minister Suga: Hard to restart 'go to' travel within this fiscal year -BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.79%, while traders in GBP/JPY are at opposite extremes with 69.67%. See the summary chart below and full details and charts on DailyFX:
NZD/USD Elliott Wave Analysis: Temporary Relief Rallies

NZD/USD Elliott Wave Analysis: Temporary Relief Rallies

Jeremy Wagner, CEWA-M, Head of Education

NZD/USD is little changed from our last report, though the forecast remains the same. It appears the Elliott Wave pattern is incomplete to the downside.

Traders need to be made aware of event risk coming up Wednesday November 8 as RBNZ releases its latest interest rate target. The analysis below is presented in advance of the news event so we can keep grounded to the key levels to watch should NZD/USD become volatile in the wake of the release.

The Elliott Wave model we are following suggests we are in a wave (iii) lower and this third wave is not yet completed.

Are you new to FX trading? This ebook was created just for you.

NZD/USD Elliott Wave Analysis: Temporary Relief Rallies

The key level we are watching is the October 10 low of .7055. A move above this level negates the pattern as we have labeled and will force us to move to an alternative count.

For those familiar with Elliott Wave analysis, you may remember that third wave will subdivide as impulse waves. We think NZD/USD is currently in the fourth wave of that five wave impulse. As a result, we are looking for resistance to form between .6965-.7010 prior to another sell-off towards lower levels.

Bottom line, NZD/USD appears to be in wave iv of (iii). This hints at continued weakness on the horizon so long as prices remain below .7055. For those traders who are bullish USD, trading NZD/USD may be the vehicle to trade a strong US Dollar.

Want to learn more about Elliott Wave analysis? Grab the Beginner and Advanced Elliott Wave guides and keep them near your computer.

Why do traders lose money? This could be why.

NZD/USD Daily Elliott Wave Pattern

NZD/USD Elliott Wave Analysis: Temporary Relief Rallies

---Written by Jeremy Wagner, CEWA-M

Jeremy is a Certified Elliott Wave Analyst with a Master’s designation. These articles are designed to illustrate Elliott Wave applied to the current market environment.

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

Other Elliott Wave forecasts by Jeremy:

Gold price forecast points towards lower levels.

USD/JPY stalls but holds above support.

Price action analysis for AUDUSD, NZDUSD, EURUSD [Webinar recording]

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.