NZDUSD Elliott Wave Analysis: Possible Diagonal Move in the Making
NZDUSD move up from 12/23 low is extending and it looks like the move up from 12/23 low is unfolding as an Elliott wave diagonal when pair is still in wave 3. Rally to 0.7028 is labelled as wave 1 and dip to 0.6945 is labelled as a FLAT wave 2. Up from there wave 3 remains in progress towards 0.7266 - 1.7315. Once wave 3 is complete, expect the pair to pull back in wave 4 to correct the cycle from red 2 low and turn higher in wave 5 to complete a diagonal move up from 12/23 (0.6857) low. Proposed wave 4 pull back should unfold in 3, 7 or 11 swings and ideally complete between 23.6 - 38.2 Fibonacci retracement of wave 3. Afterwards, pair is expected to turn higher again one more leg to complete wave 5. If the pivot at proposed red 2 (0.6945) low gives up, that would suggest cycle from 0.6857 low ended as an WXY (double three)
NZDUSD 1 Hour Chart
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