Elliott Wave View: NZDUSD Showing Incomplete Sequence

NZDUSD has an incomplete 5 swing sequence from May 23, 2019 low favoring further upside. Short term Elliott Wave view suggests the pullback to 0.6565 on July 10, 2019 low ended wave ((X)). Pair then rallies from there as a zigzag Elliott Wave structure where wave (A) ended at 0.6737 peak.

Up from 0.6565, wave 1 ended at 0.6608 and wave 2 pullback ended at 0.659. The pair then rallied higher in wave 3 towards 0.6689, and wave 4 pullback ended at 0.6661. Up from there ended wave 5 of (A) at 0.6737 peak.

Pair is now in pullback in wave (B) to correct cycle from July 10, 2019 low before the rally resumes. We don’t like selling the pair and NZDUSD should see more upside after finishing the pullback in 3-7 or 11 swings.