By Orbex
NZDUSD has seen the formation of an intervening wave x of a cycle degree. Wave x is a double zigzag consisting of primary sub-waves, the last part of which is an intermediate double zigzag (W)-(X)-(Y).
After impulse wave (1) ended, the market began to decline in a shallow correction (2). The intermediate wave (2) can end near the target level of 0.703.
At that level, the entire wave (2) will be at 38.2% of impulse (1). Prices could rise above the previous maximum of 0.731, at the primary wave Ⓧ.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
An alternative scenario indicates that the interventing wave x of the cycle degree may not be complete yet. According to this view, the last part of this wave is still under development. It consists of intermediate sub-waves (W)-(X)-(Y), where wave (X) was recently formed.
The wave (X), by its structure, is a simple flat. After the full completion of this flat, the market began to move down in a new bearish wave (Y).
In this case, the previous minimum shown by the minor wave X determines the target.
Thus, in the coming trading weeks, we may see the market decline below the level of 0.680, as indicated on the chart.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024
- Geopolitical risks in the Middle East are declining. China kept interest rates at lows Apr 22, 2024
- Brent crude dips to four-week low amid easing geopolitical tensions Apr 22, 2024
