Friday, September 23, 2016

Elliott wave analysis of NZD/USD - Just completed an ending diagonal

                                          NZD/USD - 4 Hourly 

                                          NZD/USD - Weekly 

NZD/USD - Just completed an ending diagonal  

With the break below the ending diagonal support-line near 0.7268 an ending diagonal has been completed calling for a decline back to the origin of the ending diagonal at 0.6343 and longer term a decline even lower towards 0.5000 is expected. 

Short term, support is seen just below 0.7268 at 0.7231 and this support needs to break too, but it should just be a matter of time before this support gives away too for the next strong decline towards 0.6343 and below. 

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