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nzdusd elliott

The current NZDUSD structure indicates a primary triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.

Sub-waves ① and ② of the primary degree have ended. Wave ① is a 5-wave impulse, with wave ② being an intermediate (A)-(B)-(C) zigzag.

In the medium term, we could see a decline in the bearish trend below the 0.592 area.

This signals the previous level formed by the primary intervening wave Ⓧ.

nzdusd

An alternative scenario shows the primary triple zigzag is not yet complete.

In the near future, intermediate impulse (C) will move to the 0.636 area. At that level, intervening wave Ⓧ will be at 50% of wave Ⓨ.

After the completion of the said wave, primary wave Ⓩ could rise to 0.680.

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The post NZDUSD Triple zigzag begins bearish trend appeared first on Orbex Forex Trading Blog.


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