FX.co ★ Elliott wave analysis of NZD/USD for March 15, 2023

NZD/USD is ready for the next impulsive advance towards at least 0.7706 and possibly even closer to 0.8214. Our best interpretation of the rally since the 2000 low at 0.3985 is that a zig-zag unfolded to the 2014 peak at 0.8886 and an X-wave followed to the low of 0.5416 in March 2020. This low was followed by an impulsive wave to 0.7476 and then a b-wave decline to 0.5512 and wave C higher towards at least 0.7706 is now in motion.

The low at 0.55512 was even followed by a "Hidden Divergence" on the RSI, which normally calls for a strong impulsive rally to follow the low printed at 0.5512, so be alert.