$NZD/CAD Daily Elliottwave Analysis 5/24/2015

Daily NZD/CAD looks bearish, same with the weekly outlook (see related idea below).

Decline from wave ((X)) high at 0.9619 is proposed to be in triple three structure (W)-(X)-(Y)-(X)-(Z) where wave (W) ended at 0.9294, wave (X) ended at 0.945, wave (Y) ended at 0.8795, wave (X) ended at 0.9041, and wave (Z) is in progress towards 0.864 - 0.8716 to finish wave w.

As far as wave (X) high at 0.9041 holds, there's a chance the decline can continue towards 0.864 - 0.8716 before a larger bounce in wave x is seen. A break above 0.9041 high gives an early indication that wave w could have ended at 0.8795 and the pair is already in wave x bounce to correct the entire decline from 0.9619.

Expect to see some profit taking in 0.864 - 0.8716 region and the pair to bounce in wave x before the decline resumes. We don't like buying the proposed bounce in wave x. As far as 0.9619 holds during wave x bounce, the pair should resume the decline lower again.

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