By Orbex
The formation of the USDCNH currency pair involves the development of a large intervening wave x of the cycle degree. It is a primary double zigzag Ⓦ-Ⓧ-Ⓨ. The final primary wave Ⓨ is currently under development.
Apparently, wave Ⓨ takes the form of a triple combination (W)-(X)-(Y)-(X)-(Z). In early November, the intermediate wave (X), consisting of three main sub-waves W-X-Y, ended.
Then prices fell within the wave (Z). Currently, the minor sub-waves W-X, which form an intermediate double zigzag (Z) have ended. The price decline in wave Y could reach the level of 6.319. At that level, wave (Z) will be 76.4% of wave (Y).
Free Reports:
An alternative scenario hints at an almost completed cycle intervening wave x.
In this case, it has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. And its final wave Ⓨ is a double zigzag (W)-(X)-(Y) of the intermediate degree, for the construction of which the final section of the sub-wave Z is necessary.
The end of this wave is possible near 6.360. At that level, wave (Y) will be at 123.6% of wave (W).
After reaching the specified price level, we can expect a bullish cycle wave z to develop to a maximum of 6.528.
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
By Ino.com Intel Corporation (INTC), a prominent semiconductor company, is currently navigating a challenging phase…
By ForexTime UK100 ↑ over 2% in April Index could see heightened volatility BoE decision…
By JustMarkets At the end of Thursday, the Dow Jones Index (US30) rose by 0.85%, and the…
By Wendy Whitman Cobb, Air University If all goes well late on May 6, 2024,…
By Christopher Decker, University of Nebraska Omaha The Federal Reserve held interest rates steady at…
By JustMarkets At Tuesday's close, the Dow Jones Index (US30) added 0.23%, while the S&P 500 Index (US500) was…
This website uses cookies.