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 Ⓨ.

Won't your trader friends like this?
About the Author
“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.

Leave a Reply