A number of possibilities here. It looks like a WXY correction from the high -- in sum for W. This up move is corrective and would serve as a major X, for another leg down for Y.
Alternatively the high from the Sept ED could be a LD (Leading Diagonal), although not all the inner movements are down in 5.
In sum this pair remains bearish and NZD is weak. I will update to this thread.
Alternatively the high from the Sept ED could be a LD (Leading Diagonal), although not all the inner movements are down in 5.
In sum this pair remains bearish and NZD is weak. I will update to this thread.
Note
The current upswing is corrective, yet looks likely to remain upward-moving for now. We may see a deeper move down on the next high (W), but if that is just a larger X wave, then probably up towards the trendline before a further move down for larger Y. I am still bearish on this pairNote
Frankly this pair is not clear at the moment, so it's best to wait until a setup becomes clear. The up move is corrective but has been strong so far. On the weekly, there is some possibility to move up higher for another leg of a huge correction. I will update this when I see a trade.Note
It may be breaking up from a tri, so perhaps a pause and correction soonNote
Looking for a bit lower to complete X, before another move up. The move up so far has been choppy
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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.