NZDUSD made a strong move to the upside over the last sessions.
- Have a look at the price from Elliott wave perspective
- We had the first motive Wave which consisted of 5 waves.
- Wave 2 of the bigger picture made a correction to the 50% Fibonacci level
- since the middle of November we were in a bigger wave 3, price marking constantly new highs without major corrections
- Now price is strongly overbought which is a typical sign for Wave 3.
- We should now see a correction (Wave 4) with minimum 150 pips before we are targeting new highs
- This last high should come with RSI divergence and could then be labelled wave 5
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