Home Stocks NZDUSD Has the Bearish Trend Ended?

NZDUSD Has the Bearish Trend Ended?

30
0


The current NZDUSD structure on the 1H timeframe suggests a completed cycle zigzag pattern. This consists of subwaves a-b-c. Cycle wave c is an ending diagonal consisting of primary sub-waves ①-②-③-④-⑤.

Most likely, the formation of a new bearish trend is observed in the last section of the chart. This could take the form of a primary impulse ①-②-③-④-⑤.

Perhaps the first four parts of the potential impulse have ended. In the near term, we can expect a decline in the sub-wave ⑤ near 0.562. This sub-wave can take the form of an intermediate impulse (1)-(2)-(3)-(4)-(5)

At that level, wave ⑤ will be at 161.8% of primary impulse ③.

Alternatively, it is assumed that only correction b has come to an end. The final primary wave Ⓩ took the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree.

Not so long ago, the corrective movement of the wave (Z) was completed. The wave (Z) is similar to the minor double zigzag W-X-Y.

Thus, in the next coming trading weeks, the price could rise and the development of a bullish cycle wave c in the direction of the 0.721 level.

Test your strategy on how the NZD will fare with Orbex! Open your account now. 

Previous articleEURNZD Buying The Dips At The Blue Box Area – Forex Market Analysis – ForexCycle.com
Next articleMarket Update – July 8 – Stocks Rise, USD holds, Johnson Resigns, Abe Shot