Kiwi is coming into strong support ahead of inflation data

Gregor Horvat Wavetraders

NZDUSD is coming out of consolidation, suggesting that the price action since the start of July was a triangle in wave B. Therefore, the whole retracement from June 12th is much more complex and deeper but still has a corrective shape. It looks like we are just breaking down into wave C, which has key support levels at 0.6020, with the second at 0.5980 area, which can be a very important swing zone going into the inflation report from New Zealand later today. Not only Elliott Wave structure, but also H&S pattern shows potential bullish formaiton, if we see support soon for right shoulder.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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