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
EUR/USD
Bullish
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
Oil - US Crude
Bullish
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
Wall Street
Bullish
Gold
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
Mixed
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
USD/JPY
Bullish
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
  • “Google’s Fitbit deal has encountered some legal friction in the EU. How will Europe’s stance on digital sovereignty impact the #Euro? Get your market update from @ZabelinDimitri’s here: https://t.co/Etz3MCuhQC https://t.co/oMaeQGUqqY
  • Trump says considering term-limited suspension of payroll tax - BBG
  • RT @FxWestwater: #SP500 Outlook: Options Traders Positioned for New All-Time High w/ @RichDvorakFX via @DailyFX $SPX https://t.co/8WkV…
  • Fed's Mester says there is not much support for going negative on rates - BBG
  • The Pound Sterling could continue its bullish trend if the Bank of England defers NIRP remarks. Get your $GBP market update from @RichDvorakFX here:https://t.co/0qVLWRjqIm https://t.co/IbRF1eBx1w
  • 🇧🇷 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2.25% https://www.dailyfx.com/economic-calendar#2020-08-05
  • White House Chief of Staff Meadows says talks done for the day on stimulus, no consensus reached- BBG
  • Fed's Mester: - More stimulus can be available from forward guidance and bond buying - Downside risks increased from recent virus uptick - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.52% 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.38% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gewmUIxsEK
  • The USD is approaching the 92.50 zone, which helped to hold the lows last week. Support or a reversal here puts AUD/USD in an interesting spot for reversals. Get your $USD technical analysis from @JStanleyFX here: https://t.co/mDGCXV26Q7 https://t.co/eAL5wzC3wi
NZDUSD Elliott Wave Analysis: Bullish Impulse Suggests More Upside

NZDUSD Elliott Wave Analysis: Bullish Impulse Suggests More Upside

2018-11-15 20:16:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

NZDUSD Elliott Wave Talking Points:

  • NZDUSD appears to be rallying in an Elliott wave impulse
  • The current impulse wave may continue to .6860 and possibly .6950
  • An immediate move below .6611 would cause us to reconsider the current wave count

NZDUSD has rallied strong from the October 7 lows. The structure and wave relationships of this rally point towards a developing bullish impulse wave that is incomplete. If our interpretation is correct, then we could see a move to .6950 in the coming weeks.

The current Elliott Wave for NZDUSD

NZD/USD formed an extended wave 3 and is currently correcting to complete wave 4

New to Elliott wave corrective patterns? On page 3 of our Elliott wave Advanced guide, we explain wave extensions.

It appears the third wave of a bullish impulse wave finished on the November 7 high. Therefore, NZD/USD may be correcting in a fourth wave.

We consider the fourth wave still in process as NZDUSD has yet to meet the upward sloping Elliott wave trend channel. Typically, fourth waves penetrate this line briefly while retracing 38% of wave 3. Therefore, we cannot rule out an immediate dip to .6680 and would consider that to be a part of the larger bullish pattern.

If NZDUSD does dip, wave relationship show next level targets near .6860 and possibly .6950 to be the fifth and final wave of the impulse. Therefore, it appears the current Elliott wave is wave ‘c’ of 4.

Where is the key level?

The key level for the immediate bullish move is .6611 which is the wave 1 high. There are longer term bullish implications that could drive NZDUSD above 70 cents while the market holds above .6424.

NZDUSD Elliott Wave Analysis: Bullish Impulse Suggests More Upside

Elliott Wave FAQs

How does Elliott Wave know the cycle is about to end?

Elliott Wave Theory is a study of wave patterns and their structure. Once you can count a five wave impulse as complete, it is a warning that a larger retracement of that impulse is looming nearby. Therefore, we scale down to a smaller time frame and see that within the fifth wave, it is nearly complete in carving five waves. Since the market is fractal, we can keep zooming in and seeing these wave forms develop on smaller time scales.

Continue your Elliott Wave education by reading our beginners and advanced Elliott Wave guides that will cover some of the basic patterns and how to trade with Elliott Wave Theory.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner 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. See Jeremy’s bio page for recent Elliott Wave articles to see Elliott Wave Theory in action.

Communicate with Jeremy and have your shout below by posting in the comments area. Feel free to include your Elliott Wave count as well.

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

Follow on twitter @JWagnerFXTrader .

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

DISCLOSURES

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.