NZDUSD Undergoing Final Stages Of A Higher Degree Correction; Possible Reversal Around 0.7120/50 area

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NZDUSD remains in a small uptrend here on the intraday chart from October 24 low, but upside will likely be limited in the very near future. The reason is a bigger downtrend that we see it in play, while on hourly we see an expanded flat correction; a 3-3-5 pattern which can be now in final stages with current black wave 5 in C). That said, market may turn south from around 0.7120/50 area in the near term.

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A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

Expanded Flat Pattern:

expanded-flat

NZDUSD, 1H

nzdusd-1

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.