Looking for a trend move lower in Wave (a) of E of (A) of larger 5th Wave down…a mouthful indeed. Daily oscillators are turning down after what looks as a spike high (0.7374) and test of the high of Wave B (0.7402). As with Aussie, the New Zealand dollar likes to put in double-tops. First daily swing support comes in at 0.7237.
NZD/USD 240-min: Agreed. It is a bit of a choppy and convoluted pattern; but seems to fit to describe the (A)-(B)-(C) rally from the 0.6859 to 0.7374 to make up larger Wave [D]. Next key swing support is 0.7296…looking for a push lower, then possibly another test of the 0.7374 high in minor Wave [ii]. If this expectations plays out, and the pack is acting “right,” it could give us an opportunity to add to the short side.
Comments
Log in or sign up to join the conversation.