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NZDUSD Decline in the Final Zigzag Ⓑ


Chart of NZDUSD

The NZDUSD currency pair could form a correction zigzag pattern Ⓐ-Ⓑ-Ⓒ in the long term.

The first impulse wave Ⓐ is completed. A bearish correction Ⓑ is under development with the internal structure being similar to a zigzag (A)-(B)-(C). Both the impulse (A), and correction (B), have ended.

The intermediate impulse (C), which could lead to a drop in price to 0.575, is likely in the near future. At that level, primary correction will be 76.4% of actionary wave Ⓐ.

Chart of NZDUSD

However, the primary wave Ⓐ could continue developing, and end slightly higher than in the main version. It is an intermediate impulse (1), (2)-(3), (4)-(5).

The correction wave (4) seems to have ended, its internal structure is a double-zigzag.

This scenario will confirm bullish growth in wave (5) towards 0.682. Wave (5) at that level will be 76.4% less than impulse (3).

The post NZDUSD Decline in the Final Zigzag Ⓑ appeared first on Orbex Forex Trading Blog.

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