29 Oct

NZDUSD Bullish Impulse (C) Likely To Complete Near 0.729

October 29, 2021

By Orbex

NZDUSD

The current structure of NZDUSD indicates that a large bullish zigzag is forming. This is the primary wave Ⓦ of the global uptrend.

This zigzag consists of intermediate sub-waves (A)-(B)-(C). These, in turn, include minor sub-waves. Impulse (A) and the correction to impulse (B) have been fully completed. And at the moment bullish wave (C) is developing.

Minor sub-waves 1-2-3-4-5 are part of wave (C). Correction wave 4 recently ended, after which we saw the growth in bullish impulse 5. Now wave 5 is under construction.

Thus, in the near future, the market may grow in impulse 5 near the 0.729 area, using the Fibonacci extension. At the level of 0.729, the entire impulse wave (C) will be at 123.6% of impulse wave (A). Then, upon reaching that level, a reversal and the beginning of a downward correction are possible.

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NZDUSD

An alternative scenario suggests that the development of a global downward correction wave x of a cycle degree could be incomplete. Now we see the completion of the primary sub-wave Ⓧ. This is located in the penultimate part of wave x.

Wave Ⓧ is a zigzag and consists of sub-waves (A)-(B)-(C).

The development of impulse wave 5 as part of wave © is likely. In this wave, using the resistance line drawn through the vertices (A) and 3, there might be a slight price increase, possibly near 0.723.

Then, after reaching that level, we can anticipate a decline in a new descending wave Ⓩ below the 0.705 level, drawn through the end of the fourth wave of the minute degree.

In the near future, wave Ⓧ could complete and a new downtrend may begin.

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