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.

Free Trading Guides
EUR/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
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
USD/JPY
Mixed
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
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.36% US 500: 0.20% Germany 30: 0.19% France 40: 0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/JYxDa1DXGP
  • Hello $TSLAQ https://t.co/ROGwLucKSH
  • Update on #Cryptocurrencies #BITCOIN -5.67% #BITCOINCASH -6.99% #ETHEREUM -6.86% #RIPPLE -4.50% #LITECOIN -6.83%
  • So has everyone stopped watching the 2s10s curve? The 10YR less 2YR US Treasury yield spread has retraced over 38% the steepening since its late-August bottom. Likely reflects shift in Fed expectations from accommodative to neutral as well as resurfacing trade war uncertainty. https://t.co/SHNvbYpJeq
  • 🇺🇸 USD Baker Hughes U.S. Rig Count (NOV 22), Actual: 803 Expected: 797 Previous: 806 https://www.dailyfx.com/economic-calendar#2019-11-22
  • #Gold prices are trading just above a critical long-term support zone and the focus is on a break of this week’s range for guidance. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/hmjBTA3e00 $gld https://t.co/rjWGJGA6Ty
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.61%, while traders in France 40 are at opposite extremes with 81.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fZ3KSsRIvM
  • Heads Up:🇺🇸 USD Baker Hughes U.S. Rig Count (NOV 22) due at 18:00 GMT (15min), Actual: N/A Expected: 797 Previous: 806 https://www.dailyfx.com/economic-calendar#2019-11-22
  • Huawei rebuts FCC's decision on banning it's products. States there is no basis in law and no evidence provided
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: -0.06% Silver: -0.36% Oil - US Crude: -1.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SYlt0FX1mG
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, Senior Strategist
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.