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NZDUSD – Trend Forecast Using Wave Structure

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free nzdusd chart calls
free nzdusd chart calls
Figure 1. NZDUSD – Elliott Wave Chart

The NZDUSD is moving within a downward channel on the 4H chart, indicating that the market has been trending downward overall. The currency is trading near the 200 EMA support. The price has formed a corrective wave (5), and the ending point of the correction indicates the starting point of the impulsive move.

In the short term, the price may still move slightly lower or sideways around 0.59118 – 0.5897 before it decides to move up. If price breaks above the parallel channel, traders can long for the following targets: 0.6003 – 0.6050 – 0.6082+.

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