NZD/USD made a sharp turn lower at the end of last week, down from 0.671 level, suggesting a top in place for a higher degree wave 5), and a minimum, three-wave reversal underway. We also see price breaking below the lower Elliott wave channel line, giving us further evidence for a top in place, and a reversal in play. At the moment price is rallying from 0.6573 level, completing wave A/1, and unfolding a three-wave pullback into a wave B/2. Resistance is at 0.662/0.665 region.
ndzusd, 4h (Image not shown due to low ratings)
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