NZDUSD is looking to find a support, as we see it making a pullback within uptrend from Elliott wave perspective.
NZDUSD turned bullish as expected after we spotted a completed five-wave bearish cycle within wave C back in October. Notice that the recent rise is much more extended and clearly by five waves up without overlaps up from October lows, so it’s an impulse; a change in trend that will send prices even higher in 2023. However, nothing moves in straight lines. We know that after every five waves, a three-wave correction occurs, so so after current (A)-(B)-(C) set-back with interesting support at 0.615 – 0.6080 area, be aware of a bullish resumption. Next deeper support would be around 0.60 – 0.59 zone.
If you want to know what is our higher time frame view on NZDUSD and other markets, please check our Exclusive Video below; the 2023 Elliott Wave Forecast
Interested in US stocks? Apple is coming into support. Check our chart HERE