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Technical analysis NZDUSD

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NZDUSD

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The NZDUSD has rallied very strongly and, from an Elliott Wave perspective, I suspect that a complex corrective structure is developing from this year’s .7180 low (refer daily chart below).
This would enable a recovery back towards not only the mid .7700s (where the Kiwi topped out last month) but the .7800 level (being a Fibonacci 38.2% retracement of the prior downtrend from .8835 to .7180) and even .7880 (where corrective Wave c will equal corrective Wave a).
In the short term, support lies at .7500/.7460 and I will try to buy there in anticipation of the next rally (refer below).

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NZDUSD has rallied strongly and a complex corrective structure may be developing from this year’s .7180 low. Support is at .7500/.7460, and resistances at .7585, .7640 and .7745. Corrective recovery potential towards .7800 and .7880.

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