04.07.202206:59 Forex Analysis & Reviews: Elliott wave analysis of NZD/USD for July 4, 2022

Exchange Rates 04.07.2022 analysis

NZD/USD is still correcting the long-term decline from the 1.4900 high in 1973 to 0.3900 in 2000 and we are looking for a continuation higher to the 50% corrective target at 0.9450 before the correction is complete.

In the short term, we expect support near 0.6050 to be able to protect the downside for the next impulsive rally towards our long-term target near 0.9450 to complete the correction and come under new downside pressure.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
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