Hello traders, today we will talk about the Kiwi (NZDUSD) in which we see nice and clean Elliott wave development.
The Kiwi is trading bearish already for a while and looks like there's room for more weakness, at least for a short period of time. From Elliott wave perspective we can see it finishing a five-wave cycle within a potential wave C of Y, but as you can see subwave (5) is still missing and it can send the price even down to 0.55 - 0. 54 area before it finds the strong support.
So, while it's trading in the EW channel, be aware of more downside pressure this week, just keep in mind that it can be final leg down before we will see a recovery.
Bull/Bear level remains at wave (1) swing low, so bulls can be considered only when/if the price jumps back above 0.60 region.
Trade well!
If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
The Kiwi is trading bearish already for a while and looks like there's room for more weakness, at least for a short period of time. From Elliott wave perspective we can see it finishing a five-wave cycle within a potential wave C of Y, but as you can see subwave (5) is still missing and it can send the price even down to 0.55 - 0. 54 area before it finds the strong support.
So, while it's trading in the EW channel, be aware of more downside pressure this week, just keep in mind that it can be final leg down before we will see a recovery.
Bull/Bear level remains at wave (1) swing low, so bulls can be considered only when/if the price jumps back above 0.60 region.
Trade well!
If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
