The Kiwi Can Be Trading In 5th Wave, as we see it still in downtrend from technical point of view and Elliott wave perspective.
The Kiwi with ticker NZDUSD is trading south for the last few weeks but can be an impulsive wave C when looking a the daily chart, meaning that despite some strong leg down there can be a limited weakness and change in trend still this year.
In fact, wave (C) is a motive wave, so we need five subwaves down, which can be still in progress, as we expected in the past updates, where we mentioned and highlighted an a-b-c corrective rally in wave 4.
NZDUSD, 4H Chart Oct 10
After recent a-b-c corrective rally in wave 4, we can now see it on the way back to lows for final wave 5 towards 0.58 - 0.57 area, where market may find the strong support. So once new lows are hit, be aware of the opposite, new change in trend, because we know, after every five waves dirrection change.
NZDUSD, 4H Chart Oct 13
Grega
https://twitter.com/GregaHorvatFX
Love the Elliott Waves analysis? Visit www.wavetraders.com for more