Elliott Wave Analysis: USD Index And NZDUSD

Gregor Horvat

USD index is at a new high after nice turn higher earlier today from 100.56 area where wave c completed corrective wave iv) of a higher degree about we talked this morning. Current reaction higher is strong, so wave v) is in play which should be subdivided by five smaller legs which means that market can see extensions up to 101.20-101.30 area.

US Dollar Index 30 Minute Chart

US Dollar Index 30 Minute Chart

NZDUSD is already at the lows so it’s clear that wave 4 corrective bounce is already finished. The reason is also a sharp bearish turn in the last few hours which is looking impulsive, so it must be wave 5 that can be headed to 0.71000-0.7130 projected area. But lets keep in mind that this is final leg withing a five wave fall from last week highs, so reversal up in three waves should occur this week!

NZDUSD Hourly Chart

NZDUSD Hourly Chart

Source: www.ew-forecast.com

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