NZDUSD Bullish Correction Sinks Prices To 0.593

[PocketOption]

NZDUSD Bullish Correction Sinks Prices To 0.593

On the 1H timeframe, NZDUSD seems to be forming a bearish trend. This 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 assumes a primary zigzag Ⓐ-Ⓑ-Ⓒ.

Most likely, the primary impulse wave Ⓐ and the bullish correction Ⓑ have ended. The final impulse wave Ⓒ is currently under construction. After the end of the impulse decline in the intermediate wave (3), the development of an intermediate correction (4) began. The initial part of which hints at a double zigzag.

The end of the potential double zigzag is likely to reach 0.593. At that level, correction (4) will be at 61.8% of impulse (3).

Alternatively, it is assumed that the market has already completed the formation of an intermediate correction (4). This was a standard zigzag pattern.

Once the correction has been completed, we can expect the development of a bearish final wave (5) of the intermediate degree.

The price within wave (5) could fall to 0.548. At that level, primary impulse waves Ⓐ and Ⓒ will be equal.

Test your strategy on how the NZD will fare with Orbex! Open your account now. 

The post NZDUSD Bullish Correction Sinks Prices To 0.593 appeared first on Orbex Forex Trading Blog.

Source: NZDUSD Bullish Correction Sinks Prices To 0.593