NZD/USD: wave analysis
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.5867 |
| Take Profit | 0.6600, 0.6850 |
| Stop Loss | 0.5766 |
| Key Levels | 0.5450, 0.5600, 0.5766, 0.6600, 0.6850 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.5765 |
| Take Profit | 0.5600, 0.5450 |
| Stop Loss | 0.5825 |
| Key Levels | 0.5450, 0.5600, 0.5766, 0.6600, 0.6850 |
The price is in a correction and may grow.
On the daily chart, the upward wave of the higher level (C) develops, within which the wave 3 of (C) forms. Now, the first wave of the lower level i of 3 has formed, and a correction is ending as the second wave ii of 3, within which the wave (c) of ii has developed. If the assumption is correct, the NZD/USD pair will grow to the area of 0.6600–0.6850. In this scenario, critical stop loss level is 0.5766.
Main scenario
Long positions will become relevant above the level of 0.5766 with the targets at 0.6600–0.6850. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 0.5766 will let the asset go down to the area of 0.5600–0.5450.
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