We talked about NZDUSD three weeks ago. The pair presumably builds a correction zigzag pattern consisting of three primary waves Ⓐ-Ⓑ-Ⓒ.
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 Ⓐ.
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.
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.
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