NZDUSD Finds Top: Elliott Wave Analysis

in elliottwave •  3 years ago 

Commodities continue to trade higher very aggressively, and this may not stop so easily due to new sanctions against Russia. One of the most important can be a ban of Russian oil imports, which can be introduced in US this week. Stocks are now also coming down in US.

NZDUSD is trying to turn down in the 4-hour chart after potentially completed 7-swing a-b-c-x-a-b-c corrective rally and fake channel break-out. Current decline looks quite sharp, so seems like the Kiwi found the resistance at 0.6925 level and we will have to be aware of a bearish continuation that can send the price back to lows in the near future.
NZDUSD 4h Elliott Wave Analysis

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