NZDUSD Wave Analysis - Ending Diagonal
NZDUSD made a impressive recovery after hitting the low at 0.55 in March.
The market is now approaching a daily resistance zone, which includes in last two highs on daily timeframe.
After making an impulsive wave ③, Wave ⑤ is forming a ending diaognal channel. The trendlines are not converging, but the structure is still valid.
The Subwaves are 3-3-3-3-3 with the final wave c of wave 5 still waiting to push to the upside.
Next week on 12.8.2020 we have some NZD interest News, which is the perfect catalysator for the fast and impulsive move to the downside.
Support can be found around 0.61500-0.61000, which lines up with 50% Retracement level of recent upmove.
Do not rush anything, wait for clear rejection and price action signal!
This is no investment advice, just for educational purpose only.
The market is now approaching a daily resistance zone, which includes in last two highs on daily timeframe.
After making an impulsive wave ③, Wave ⑤ is forming a ending diaognal channel. The trendlines are not converging, but the structure is still valid.
The Subwaves are 3-3-3-3-3 with the final wave c of wave 5 still waiting to push to the upside.
Next week on 12.8.2020 we have some NZD interest News, which is the perfect catalysator for the fast and impulsive move to the downside.
Support can be found around 0.61500-0.61000, which lines up with 50% Retracement level of recent upmove.
Do not rush anything, wait for clear rejection and price action signal!
This is no investment advice, just for educational purpose only.