Forex Trading Library

NZDUSD Bullish or Bearish Trend?

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Chart of NZDUSD

NZDUSD looks at the formation of a new bullish trend.

Most likely, the first wave Ⓐ is currently under construction, which could take the form of an impulse of the intermediate degree (1)-(2)-(3)-(4)-(5).

The long-term intermediate correction (4) will likely be completed soon. It looks like a double three W-X-Y. The minor wave Y could end at the minimum of the wave W.

In the near future, the price could start moving up in the intermediate wave (5). Its end is expected near 0.678. At that level, wave (5) will be 61.8% of wave (3).

Chart of NZDUSD

However, in another scenario, the primary wave Ⓐ can be fully completed as a intermediate impulse (1)-(2)-(3)-(4)-(5). Thus, a bearish correction is under development in an alternative version of the markup.

The primary correction Ⓑ could take the form of an intermediate zigzag (A)-(B)-(C).

The first wave (A) has come to an end and the correction wave (B) is expected to develop in soon. After which the decline will continue in impulse (C) approximately to 0.602. At that level, correction will equal half of impulse (A).

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