NZD/USD Could Face A Temporary Correction, Corrective Wave Two
Gregor Horvat | Nov 17, 2016 03:42AM ET
On the 4h chart of NZD/USD we are observing a nice impulsive decline taking place, ideally as part of a higher degree cycle that may unfold in weeks to come. As we see on the graph, price made a nice a five wave movement to the downside, labbeled as wave 1), followed by current intraday bounce that may be part of an unfolding three wave correction in upcoming wave 2). If that is the case, then NZDUSD could be in for a temporary, slow and overlapping conoslidation that may find some resistance next week around the 0.7190 area and ideally continue lower.
NZD/USD, 4H
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.