Kiwi Impulse To Confirm Bearish Zigzag - Tuesday, April 11

 

 

Pixabay

The current chart shows that NZDUSD in the long term could form a corrective zigzag pattern consisting of primary waves Ⓐ-Ⓑ-Ⓒ.

Chart of NZDUSD

The first impulse wave Ⓐ has ended. A bearish correction wave Ⓑ is under development which is similar to a zigzag (A)-(B)-(C). Impulse (A) and correction (B) can be considered completed.

In the near future, the price could drop in the intermediate impulse (C) to 0.590. At that level, primary correction will be at 61.8% of actionary wave Ⓐ.

Chart of NZDUSD

Alternatively, only the first impulse wave (A) is completed inside the primary correction Ⓑ. The intermediate correction (B) is likely to continue to form.

It is assumed that the correction (B) takes the form of a minor triple zigzag, in which the first four parts have ended. In the near future, prices could rise in the final actionary wave Z.

Most likely, the price will rise to 0.643. At that level, correction (B) will be at 76.4% along the Fibonacci lines of impulse (A).


More By This Author:

BOC Expected To Hold Rates Steady
USDCAD: Simple Or Double Zigzag?
Intraday Analysis – USD Tries To Recoup Losses

Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with