NZDUSD Wave Analysis - Wave 4 ahead

NZDUSD made a strong move to the upside over the last sessions.

• Have a look at the price from Elliott wave perspective
  
• We had the first motive Wave which consisted of 5 waves.
  
• Wave 2 of the bigger picture made a correction to the 50% Fibonacci level
  
  
• since the middle of November we were in a bigger wave 3, price marking constantly new highs without major corrections
  
• Now price is strongly overbought which is a typical sign for Wave 3.
  
• We should now see a correction (Wave 4) with minimum 150 pips before we are targeting new highs
  
• This last high should come with RSI divergence and could then be labelled wave 5
  
  

This whole move would the make a bullish motive wave, the first impulse to the upside. 2020 will be a strong year for AUD and NZD and the USD is going to devaluate

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