Nasdaq and NZDUSD Intra-day Looks – Elliott wave Analysis
As expected, Nasdaq is still looking for more weakness since we have seen a sharp drop from 7130 resistance level. Currently can be consolidating before a continuation lower towards new lows, especially if price breaks channel support line and 6967 bearish confirmation level.
Kiwi bounced sharply and as you can see in five waves into wave a/i, so temporary bottom at 0.6686 can be in place. But, as we know after every five waves, a three-wave a)-b)-c) correction follows into wave b/ii, so watch out for a drop soon, ideally back to around 0.6750 – 0.6730 support area, from where we may see another rally for wave c/iii towards 0.68 – 0.69 region. If Kiwi from any reason drops back below 0.6686 lows, then we may adjust the view.
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