Started by PocketOption, Nov 18, 2022, 06:59 pm
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NZDUSD suggests forming a bearish trend, which could take the form of a double zigzag w-x-y of the cycle degree. The current chart shows the structure of the final wave y, which is similar to the primary zigzag Ⓐ-Ⓑ-Ⓒ.
Most likely, the latest impulse wave Ⓒ is currently under development. After the end of the impulse decline in the intermediate wave (3), we saw the development of an intermediate correction (4). This structure hints at a triple zigzag.
In the near future, the currency is likley to fall to a minimum of 0.551 in the intermediate wave (5). Also at that level, sub-wave (5) will be at 76.4% of intermediate impulse (3).
Alternatively, it is assumed that the market has already completed the formation of a cycle actionary wave y.
Thus, in the last section of the chart, we can see the formation of a new bullish trend. Most likely, there is a construction of a wave Ⓐ of the primary degree. This could take the form of an impulse of the intermediate degree (1)-(2)-(3)-(4)-(5).
Prices will finally move to the previous maximum of 0.646. An approximate scheme of possible future movement is shown on the chart.
The post NZDUSD Bearish Impulse Begins Final Leg appeared first on Orbex Forex Trading Blog.
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