Forex Trading Library

NZDUSD Ending Diagonal To Complete Primary Impulse

0 447

The current NZDUSD structure on the 1H timeframe shows the formation of a new bearish trend. This could take the form of a primary impulse ①-②-③-④-⑤. This impulse can give rise to a global zigzag a-b-c of the cycle degree.

The first four parts of the potential impulse are fully completed. In the near future, it is expected to decline in the sub-wave ⑤ to 0.585. This sub-wave can take the form of an intermediate ending diagonal (1)-(2)-(3)-(4)-(5)

At the specified level, wave ⑤ will be at 123.6% of primary impulse ③.


Alternatively, it is assumed that the market continues to build a large bullish zigzag of the cycle degree. The final primary wave Ⓩ, which is part of correction b, took the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree.

Thus, in the next coming trading weeks, the development of a bullish cycle wave c above 0.721 is possible. Wave c is likely to take the form of an impulse ①-②-③-④-⑤. At the specified price point, the construction of the primary impulse wave ③ is likely to end.

The level of 0.721 is the previous maximum marked by the primary 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Your email address will not be published.