5-3 Elliott Wave Pattern on NZDUSD

The minimum waves are in place for the correction on $NZDUSD. This implies Kiwi is at the beginning stages of a multi-hundred pip rally.

The corrective dip met the lower end of the price channel and may be ready to take off higher.

Targets to the upside include .6382 & .6550.

The corrective dip was a little shallow just pushing beyond the 38.2% retracement level. Therefore, this zigzag decline may morph into a multiple zigzag and dig a little deeper.

However, with AUDUSD retesting the topside of its trendline, we have enough evidence to suggest a rally is developing.

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Kiwi completed a countertrend decline at the June 29 low. For the past week, NZDUSD has advanced in impulsive waveform. There are the minimum waves in place to suggest a mild decline back to .6100-.6140 in wave ii.

Then, wave iii would carry higher and likely break the downward-sloping resistance line. I'm looking for Kiwi to ultimately stretch up to .6315.

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Multiple wave relationships showing up in the .6380-.6412 price zone. Things may start getting a little more choppy here.