NZDUSD: Triple Combo Could Offer Bullish Opportunity Soon

The current NZDUSD structure hints to a bullish combination consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Wave Ⓨ looks fully completed, whereas Ⓧ is still under construction. That could be followed by wave Ⓩ.

The aforementioned scenario sees wave Ⓧ consisting of intermediate degree sub-waves (W)-(X)-(Y)-(X)-(Z).

If this pattern turns out to be validated, we could see a slight decline in the minor zigzag A-B-C near the 0.659 area. That level will be 38.2% retracement of the first intervening wave Ⓧ.

NZDUSD  The closest alternative sees the current intervening wave Ⓧ as a standard zigzag, consisting of intermediate waves (A)-(B)-(C).

This scenario would have prices sliding lower in a bearish 5-wave impulse (C) near the 0.653 area. The target would respect the 50% Fibonacci retracement when comparing sub-waves Ⓧ and Ⓨ.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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