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Elliott Wave Analysis: NZD/USD Looking For More Weakness

Elliott Wave Analysis: NZD/USD Looking For More Weakness

Market is not moving much at the moment, so our major view remains unchanged. We are still tracking commodity pairs such as AUD/USD and NZD/USD that may see more weakness this week, while gold stays under pressure. There is also a stock market still in bullish mode which may see more upside this week if we consider triangle possibility on Dax.

NZD/USD was one of the weakest last week so it will be on our radar list this week for more weakness, but we need a corrective bounce up into wave four before we may look even lower. There is a nice resistance area from 0.7000 up to 0.7055 from where we would expect a new drop.

NZD/USD, 1H

NZD/USD Hour Chart

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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