Elliott Wave View: Further Downside in GBPNZD
GBPNZD broke below 3.19.2020 low (1.9899) creating an incomplete bearish sequence from 3.9.2020 high (2.182). Short term Elliott Wave View suggests the decline from 4.1.2020 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from 4.1.2020 high, wave 1 ended at 2.01396 and wave 2 bounce ended at 2.0478. Internal of wave 2 unfolded as an Expanded Flat Elliott Wave structure. Wave ((a)) ended at 2.035, wave ((b)) ended at 2.011, and wave (©) of 2 finished at 2.0478.
Wave 3 is currently in progress and subdivides into another impulse in lesser degree. Down from 2.0478, wave ((i)) ended at 2.031 and wave ((ii)) bounce ended at 2.0471. Pair then resumed lower in wave ((iii)) towards 2.0057 and wave ((iv)) bounce ended at 2.0192. GBPNZD can see 1 more leg lower in the short term to end wave ((v)) of 3, then it should bounce in wave 4 before the decline resumes. Pair has potential target of 100–123.6% Fibonacci extension from 3.9.2020 high which comes at 1.868–1.913. Near term bounce should find sellers in the sequence of 3, 7, or 11 swing for more downside.