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NZDUSD Elliott Wave View: Correction In Progress

Short term Elliott Wave view in NZDUSD suggests the decline to 0.6844 low ended cycle from 3/21 high in Minor wave W. Pair is currently correcting cycle from 3/21 high in 7 or 11 swing in Minor wave X before the decline resumes. The rally from 4/27 low (0.6844) is unfolding as a double three Elliott Wave structure where Minute wave ((w)) ended at 0.6937 as a Flat Elliott wave structure , and Minute wave ((x)) pullback ended at 0.69. Near term, pair is correcting cycle from 0.69 low within Minutte wave ( b ) and while dips stay above there, expect pair to resume higher towards 0.699 - 0.7014 area before the decline resumes. We expect Minor wave X rally to find sellers at 0.699 - 0.705 area for an extension lower or at least a 3 waves pullback as far as pivot at 0.709 high remains intact.

NZDUSD 1 hour Elliott Wave Chart 05/03/2017