We talked about NZDUSD three weeks ago. The pair presumably builds a correction zigzag pattern consisting of three primary waves Ⓐ-Ⓑ-Ⓒ.
-min-638206822014378229.png)
Primary impulse wave Ⓐ completed successfully. The bearish correction Ⓑ is under development, its structure is similar to the standard zigzag (A)-(B)-(C). Impulse (A) and correction (B) can be considered completed, it is a minor double zigzag.
Now the price is moving down in the intermediate impulse (C) towards 0.590. At that level, primary correction Ⓑ will be at 61.8% of actionary wave Ⓐ.
-min-638206822374665948.png)
Alternatively, the primary correction Ⓑ could be fully completed. It is a standard intermediate zigzag (A)-(B)-(C). The intermediate sub-waves (A) and (C) are impulses, correction (B) has the form of a double zigzag.
Thus, if the current option is confirmed, in the near future market participants may expect the development of the initial part of the final wave Ⓒ.
The first target for the bulls is a maximum of 0.638. The minor sub-waves W and Y of the correction (B) were completed on it.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
USD/JPY holds above 155.50 ahead of BoJ policy announcement
USD/JPY is trading tightly above 155.50, off multi-year highs ahead of the BoJ policy announcement. The Yen draws support from higher Japanese bond yields even as the Tokyo CPI inflation cooled more than expected.
AUD/USD extends gains toward 0.6550 after Australian PPI data
AUD/USD is extending gains toward 0.6550 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.