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NZDUSD, Elliot Wave Analysis

12/22/2022 10:11 AM

 The price is in a correction, a fall is possible.

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the wave (C) develops. Now, the first entry wave of the lower level i of 1 of (C) has formed and a local correction has started to develop as the second wave ii of 1 of (C). If the assumption is correct, the NZD/USD pair will fall to the area of 0.6008–0.5890. In this scenario, critical stop loss level is 0.6515.

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