Elliott Wave Analysis: NZD/USD Could Face A Nice Reversal

On the NZD/USD chart we are looking at a probable corrective retracement taking place, with price trading higher this week, in final wave C. As we see on the 4h chart, pair reached resistance area near the 0.7310-0.7340 region where traders should be aware of a bearish turn.

A five wave decline back to 0.7150 would be a strong confirmation for a change into a bearish trend, especially as higher time frame chart shows a completed recovery at 0.7480.

NZD/USD, 4H

NZD/USD 4 Hour Chart

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