Elliott Wave Analysis: NZDUSD Aiming For 0.7400


Later today it’s RBNZ rate statement and rate decision that can drive NZD everywhere especially if there would be another surprise with no rate cut. Anyway, pattern is what matters the most to me, and this one is clearly bullish on 4h chart after recent three wave set-back to 0.7100 area, labeled as wave B that belongs to wave 5); final wave within a higher degree ending diagonal that is still unfolding. If we are correct then top can be seen around 0.7400 region.

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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.