NZDUSD is aiming higher prices as it prepares to break out of an intraday resistance. The following 24 July NZDUSD Elliott wave analysis looks at what could happen next based on Elliott wave theory.
NZDUSD dropped yesterday after being resisted again at the 0.6825-0.685 intraday resistance zone. The resulting bearish move lacked enough momentum to cause a huge decline. Our forecast has been pointing upside this month with 0.7060 as the first real bullish target. In the last update, we noted prices’ nearness to the zone and used the chart below.
Price is at the roof of the double zigzag channel which also falls on an intraday resistance zone. Price has failed to break above this zone twice. If it does this time, we should expect it to advance to 0.7060 first bullish target of this forecast. A less likely fast drop below 0.6712 would invalidate this forecast. In as much as price stays above 0.6712, the better chances are still upside.
24 July NZDUSD Elliott wave analysis: what next?
The 1st wave of (A) completed just beneath the resistance zone before price dropped to 0.6768.The 0.6825-0.6850 hurdle still stands. Price is expected to break above this zone to complete the impulsive wave (A). The bullish target zone for wave (A) still remains at 0.7060. Unless price breaks below 0.6712, the forecast will still hold. Stay tuned for the next update.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
Don’t forget to share this analysis with people that matter to you.