USD/NZD has shown has a potential buy signal in the price action on the daily chart, where we can see a strong green candle (bullish engulfing). Looking at the 1 hour we can now see that this momentum is correcting, with the question in focus whether the up momentum will take off again. Typically we should see a 3 wave correction to the downside (ABC) followed by another buying impuls. Shoulw however we fall further and make now lows the setup becomes invalidated.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.