Short term Elliott Wave view in NZDUSD suggests that the decline to 0.6844 low ended cycle from 3/21 high in Minor wave W. The pair is currently correcting the cycle from 3/21 high in 3, 7, or 11 swing in Minor wave X before the decline resumes.

The rally from 4/27 low (0.6844) looks to be unfolding as a double three Elliott Wave structure where Minute wave ((w)) is expected to complete soon as a Flat Elliott wave structure, then the pair should pullback in Minute wave ((x)) to correct the cycle from 4/27 low before turning higher again. We don’t like buying the proposed bounce and we expect Minor wave X rally to find sellers in 3, 7 or 11 swing for more downside as far as the pivot at 0.709 high remains intact.

NZDUSD 1 hour Elliott Wave Chart 05/02/2017