EW ANALYSIS IN DETAILS: NZDUSD Forming Bullish Setup?!

Hello traders!
Today we will talk about Kiwi (NZDUSD) and we will show you how EW works in details if you have the right approach!

Well, Kiwi made a nice five-wave rally with extended wave (v) into a wave "i" last week, which in EW usually suggests a bullish reversal! So, after every five waves, a three-wave pullback follows in wave "ii", and as you can see, at the beginning of this week, Kiwi slowed down in a three-wave (a)-(b)-(c) correction, which can be approaching the end soon, right here around important 0.6800 support area!

That said, if we see a sharp bounce here in the projected support area, followed by a break back above 0.6865 region, then we can confirm our wave count which can send price even much higher within wave "iii" towards 0.69 - 0.70 area or maybe even higher!

Anyway, keep in mind that corrections can be very complex, for example deeper or more sideways price action. So, as long as price remains above 0.6745 invalidation area, we will remain bullish!

Trade well!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.