New Zealand Dollar Wave Analysis

We shared the following Elliott Wave analysis with our subscribers yesterday morning...we are looking for a sharp push lower...the Reserve Bank of New Zealand said it is hoping for the same in its monetary policy statement today, leaving rates unchanged.  

Primary Count [Daily & 240-min View]

NZD/USD Daily [Last 0.7296]

Date/Time: 7-Feb-17/7:45 a.m. ET

Looking for a trend move lower in Wave (a) of E of (A) of larger 5th Wave down…a mouthful indeed.  Daily oscillators are turning down after what looks as a spike high (0.7374) and test of the high of Wave B (0.7402).  As with Aussie, the New Zealand dollar likes to put in double-tops.  First daily swing support comes in at 0.7237.

NZD/USD 240-min: Agreed.  It is a bit of a choppy and convoluted pattern; but seems to fit to describe the (A)-(B)-(C) rally from the 0.6859 to 0.7374 to make up larger Wave [D].  Next key swing support is 0.7296…looking for a push lower, then possibly another test of the 0.7374 high in minor Wave [ii].  If this expectations plays out, and the pack is acting “right,” it could give us an opportunity to add to the short side.

Black Swan Capital 

Comment