Thursday 8 May 2014

NZDUSD plunging

Hi Traders,

The  New Zealand dollar (now at 0.8656) plunged as the head of the country's Reserve Bank warned that the central bank might have to intervene in foreign exchange markets to weaken the currency.

This is confirmed by the Reversal candlestick in the daily chart and the Elliott Wave count in the Monthly, Weekly, daily and 4-hour charts


likely: 0.8510-0.8477
possibly: 0.8081-0.8051
maybe: 0.7812


Quite simple: all charts show the completion of 5 waves up


Note the reversal "engulfing pattern" in the daily chart


The wave Oscillator displays the typical Reversal Cusps. BTW, unless the NZDUSD plunges vertically, the W.O. should deliver an entry point only after a rebound.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

 Daily chart, click to enlarge

Wave Oscillator on a daily chart, click to enlarge

4-hour chart, click to enlarge

1-hour chart, click to enlarge

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