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. See our updated Privacy Policy here.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • El Salvador's adoption of Bitcoin as legal tender has immediate negative implications for the country's credit rating - S&P Global via BBG $BTCUSD #Bitcoin
  • A stellar retail sales report takes the USD to fresh session highs and raises the probability of a more hawkish Fed at next week’s meeting. Get your market update from @JMcQueenFX here:https://t.co/upf3QgIuty https://t.co/SZaPbW5W4r
  • WTI Crude rebounds from intraday slide, turns positive for the session $CL_F #WTI #Oil https://t.co/XYgiTfcX27
  • #Oil Price Outlook: #Crude Breakout Eyes August Highs- $WTI Technicals - $USOil - https://t.co/i8YnZeqEx8 https://t.co/Yu5ySZ1cQb
  • While Gold's -2% slide is turning heads, Silver is taking an even more significant -4% hit - its biggest drop in three months. That said, 22.50 is not a support level to be taken lightly for $XAGUSD https://t.co/ZXbGJElXf6
  • RT @BrendanFaganFx: 74 counterparties take $1.147 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/9ouJNl8oYL
  • AUD/USD attempting to retrace some of its losses following this morning's US retail sales print $AUDUSD https://t.co/yWFEeszHtP
  • The US Dollar has spiked up to a fresh September high this morning on the back of a really strong retail sales report out of the US. Get your market update from @JStanleyFX here:https://t.co/Ve6TuQrMSS https://t.co/qx8BjQdn2Z
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/16/US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-AUD-USD-AUDUSD.html https://t.co/w262MKMg5c
  • Goldman Sachs upgrades Q3 GDP forecast to 4.5% from 3.5%
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.

DISCLOSURES