04 Feb

USDCNH Minute Zigzag Pressures Prices

February 4, 2022

By Orbex

USDCNH

The USDCNH currency pair seems to be forming a large horizontal correction wave ④ of the primary degree. This takes the form of an intermediate double three (W)-(X)-(Y).

Perhaps, at the time of writing, we are in the final part of the intermediate intervening wave (X). Only the second half of this wave is visible in the chart. Most likely, the wave (X) takes the form of a triple zigzag W-X-Y-X-Z.

Wave Z could be a minute ⓐ-ⓑ-ⓒ zigzag. Thus, in the near future, a downward price movement in the impulse minute wave ⓒ is likely.

The market is likely to fall to the 6.275 area. At that level, wave Z will be at 76.4% along the Fibonacci lines of actionary wave Y.

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.





Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter




USDCNH

Let’s consider an alternative scenario, as seen above. According to this, the intermediate intervening wave (X) could already be fully complete.

There is a possibility that the intermediate wave (Y) will take the form of a double zigzag W-X-Y, as shown in the chart.

At the time of writing, a minor wave W is being constructed, taking the form of a minute standard zigzag. This could reach the target of 6.529.

Orbex-LogoArticle 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


investmacro cot newsletter




Financial News Forex and Currency News