Forex

NZDUSD Made A Corrective Setback As ExpectedJan 18, 2024

NZDUSD Made A Corrective Setback As Expected from technical perspective and by Elliott wave theory.

The Kiwi with ticker NZDUSD made an impulsive recovery at the end of 2023, which indicates for more upside after a correction and we have been talking a lot about that in the whole 2023.

At the start of the 2024, specifically on January 2nd we warned about a three-wave A-B-C corrective setback after we noticed final stages of an ending diagonal (wedge) pattern within wave 5.

NZDUSD Made A Corrective Setback As Expected NZDUSD 4H Chart From January 02
NZDUSD 4H Chart From January 02

As you can see today, after 2 weeks, the Kiwi made nice three-wave A-B-C corrective setback, which is right now approaching interesting support zone at the former wave 4 area, from where we should be aware of a bounce and bullish continuation. To confirm a completed correction and bulls back in the game, we need to see sharp or impulsive recovery back above 0.6250 region.

NZDUSD Made A Corrective Setback As Expected NZDUSD 4H Chart From January 18
NZDUSD 4H Chart From January 18

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