Elliott Wave analysis of NZD/USD for July 19, 2021

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NZD/USD has been correcting since the late February peak at 0.7464. The correction doesn't look quite finished yet and we are looking for a continuation lower to support in the 0.6697 - 0.6795 target-zone were we expect wave 2 will find its completion for the next impulsive rally towards the former peak at 0.7464 and above for a rally towards 0.8836.

Short-term we see a descending triangle building for more downside pressure towards support near 0.7695 and possibly even closer to the 38.2% corrective target at 0.6697.

Trading recommendation:

Buy NZD in the 0.6697 - 0.6795 target-zone for the next impulsive rally to 0.7464 and above.

The material has been provided by InstaForex Company - www.instaforex.com

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