Forex Trading Library
EUR
$1.06
(-0.24%)
GBP
$1.23
(-0.15%)
AUD
$0.69
(+0.25%)
JPY
$0.01
(-0.07%)
TRY
$0.06
(-1.9%)
INR
$0.01
(+0.28%)
SGD
$0.72
(-0.11%)
MYR
$0.23
(+0.03%)
JOD
$1.41
(-0%)
KWD
$3.26
(-0.01%)
SAR
$0.27
(+0.03%)
AED
$0.27
(-0%)
QAR
$0.27
(-0%)
OMR
$2.60
(-0.16%)
EGP
$0.05
(-0.19%)

NZDUSD: Will the End of the Zigzag Lead to Losses?

0 1,606

NZDUSD structure resembles a bearish primary impulse wave Ⓐ,  which consists of five intermediate sub-waves (1)-(2)-(3)-(4)-(5).

Currently, in wave (4), bulls could be in for a surprise as the corrective triple zigzag structure seems to be coming to an end. Most of the minor-degree waves are completed.

In the short term, bulls could complete the last wave, wave Z, near 0.6213. The target is a potential intersection between the ascending channel and price.

After completing the triple combination, we could see a 5-wave impulse below the previous low of 0.5468.

nzdusd

An alternative scenario indicates that the primary impulse wave Ⓐ has completed and we are now in corrective wave Ⓑ.

The formation of wave Ⓑ hints to a double zigzag pattern consisting of intermediate sub-waves (W)-(X)-(Y).

Waves (W) and (X) are complete. But, wave (Y), a minor-degree A-B-C zigzag, is on its way to completing the first impulse wave A.

Bulls could send prices near the 0.6476 level. Here, wave Ⓑ will be at 78.6% of the impulse wave Ⓐ.

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

Leave A Reply

Your email address will not be published.