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NZDUSD Pattern Suggests Downtrend is Over In The MeantimeNZDUSD'S 4-hourly chart reveals the entire price structure from the Jan 2020 top. As you can see, it is a textbook five-wave impulse, labeled (i)-(ii)-(iii)-(iv)-(v). It unfolded within the parallel lines of a trend channel and the sub-waves of wave (iii) are also visible. The market apparently took the guideline of alternation into account, too. Wave (ii) was a sideway expanded flat pattern, while wave (iv) was a sharp correction. If this count is correct, Elliot Wave theory postulates that a three-wave correction in the other direction follows every impulse. For NZDUSD, this means we can expect a three-wave reversal from the current market level. The anticipated retracement has the potential to erase the entire fifth wave. A rally back to the support area of wave (iv) or even higher is very likely. 0.6960 resistance area seems like a reasonable target in the next couple of weeks. What's your view on NZDUSD?
Long
by Veejahbee
2
Trading Pathways Analysis of NZDUSD H4 Chart The outlined white arrow pathway is the predicted pathway that the NZDUSD will follow in the coming days or weeks. Using my unique charting methods, I have been able to arrive at HIGH PROBABILITY turning points where NZDUSD will turn. PLEASE NOTE THE ABOVE ANALYSIS IS FOR EDUCATIONAL PURPOSES ONLY. THEY ARE NOT DIRECT INSTRUCTIONS TO TRADE AND ANY LOSS INCURRED BY FOLLOWING THIS ANALYSIS IS AT YOUR OWN RISK. Eiseprod of Trading Pathways
Long
by Trading-Swing-Pathways