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Elliott Wave View: NZDUSD Still Needs To Rally In Wave Five

NZDUSD main cycle from September 24.2020 low is showing an Elliott wave impulse rally higher but still missing the wave (5) favoring the idea of 1 more push higher before ending 5 waves rally from September lows. In the 1hr chart below, the pair is showing an impulse rally higher in wave (3) where wave 4 of (3) ended at $$0.7120 high. Then wave 4 pullback ended as a lesser degree flat correction at $0.7052 low. Up from there, pair made another 5 waves rally & ended wave 5 at $0.7171 high thus completed wave (3).

Down from there, the pair made a wave (4) pullback. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $0.7108 low. Above from there, wave B bounce ended at $0.7143 high and made another 5 waves decline lower which ended wave C of (4) at $0.70002 level. Now, as far as the pair remains above 0.70002 low pair is expected to resume higher in wave (5) looking to reach a minimum towards $0.7212- $0.7278 inverse 1.236-1.618% Fibonacci extension area of wave (4) before ending 5 waves rally from September lows. Alternatively, if pair brokes below the $0.70002 low & does the double correction lower from the peak then it can see $0.6942- $0.6901 area lower before starting the next leg higher.

NZDUSD 1 Hour Elliott Wave Chart

NZDUSD Elliott Wave Video

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