Nzdusdforecast
NZD/USD - Bullish OpportunityNZD/USD has broken above the 200 EMA on the 4H chart and is finding support on top of it for the first time since the month of April.
This is a good sign of the beginning of a long term reversal.
As long as that support holds, we can expect NZD/USD to continue upwards and eventually hit our TP. Then do a pullback and hit either the 50 EMA or the 200 EMA to continue further up.
Give it some more time to confirm it's support and strength to move up then enter.
Trade safe.
NZDUSD analysisNZDUSD
Recently we witnessed this pair smash through the bearish trend.
Now,
- Can we expect this underlying bullish trend line to hold justice & see price make its way back up & potentially past recent resistance to verify this bullish movement into a true trend.
- Or, is this simply the bearish trend (as seen on the Daily) coming back into play.
Save to say we must wait to see how this pair acts around this zone. As previous support as well as both bullish , bearish & MA are meeting + Fib retracement 32.8 zone
Its not hard to say that patience is always key. No need to trade just to trade when you dont need to. Wait till the markets give a clear opportunity etc or else youre just gambling.
cheers..
NZDUSD OutlookFX:NZDUSD #NZDUSD we have recently observed a price break from the inheritance wedge formation. The break from this formation did not reach the price to the upper limit of 0.6624. Resistance determined by the upper limit of the inheritance channel. The price is now close to the level of 61.8% Fibonacci, and the support set by the horizontal line.
NZDUSD Elliott Wave Analysis: Double Correction Taking PlaceHello Traders,
NZDUSD short-term elliott wave analysis suggests that the decline to 0.6543 low ended red wave 1. The internals of that decline unfolded as impulse structure with lesser degree Minute wave ((i)), ((iii)) & ((v)) unfolded in 5 waves structure. Above from there, red wave 2 bounce is taking place as double correction higher with lesser degree cycles showing sub-division of 3 wave structure its each leg higher.
Up from 0.6543 low, the rally to 0.6719 high ended black wave ((w)) of 2. The internals of that rally also unfolded as double three structure where blue degree wave (w) ended at 0.6639. blue wave (x) pullback ended at 0.6609 & blue (y) of ((w)) ended at 0.6719 high. From there, the pullback in black wave ((x)) remains in progress as a Elliott Wave Flat structure to the areas of around 0.6626-0.6603 (Blue box area). Near-term, as far as dips remain above 0.65389, we expect pair to resume the next leg higher in black wave ((y)) of 2. We don’t like buying the pair and like to stay on the sidelines for now.