NZD/USD Elliott Wave Analysis: Major Low Confirmed Near 0.5539 — Recovery Targets 0.5740
NZD/USD has completed a comprehensive bearish sequence and is now recovering strongly from a major structural low. Here is the complete breakdown.
Elliott Wave Analysis: Where Is NZD/USD Right Now?
Critical Levels and Wave Count
The (x)/c High — 0.5988:
NZD/USD peaked near 0.5988 following an a-b-c triangle correction, labeled on the EWPlans chart.
The Bearish Decline:
From the (x)/c high, a sharp bearish sequence developed:
① wave: ≈0.5828
② wave: ≈0.5857
③/(A) wave: Sharp decline to ≈0.5586
④/(C) wave: Corrective bounce to ≈0.5630
⑤/(B)/c/(y) wave: Terminal low near 0.55385
The Recovery — NOW ACTIVE:
From this structural low, a strong recovery has launched. Current price at 0.56905 reflects this advance, with the blue arrow on the EWPlans chart mapping continued upside toward the 0.5740 zone.
Expected Scenario and Potential Moves
Current Phase — Recovery toward 0.5740:
NZD/USD advances from current price 0.56905 toward the 0.5740 zone.
Key structural reference points:
0.5988: (x)/c high — distant resistance
0.5740: Projected recovery target
0.56905: Current price
0.56296: Near support
0.55857: Deeper support
0.55385: Major structural low
Strategic Perspective for Traders
1. The 0.5740 zone is the key level to watch for this recovery.
2. DXY direction and RBNZ policy remain the primary macro variables.
3. The 0.55385 structural low is the ultimate risk reference for the bullish thesis.
Conclusion — Follow NZD/USD’s Wave Structure With EWPlans
NZD/USD is recovering from a major structural low near 0.5539, with the chart mapping continued advance toward 0.5740.
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