NZD/USD: WAVE ANALYSIS

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NZD/USD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point0.6288
Take Profit0.6540, 0.6876
Stop Loss0.6131
Key Levels0.5891, 0.6046, 0.6131, 0.6540, 0.6876
Alternative scenario
RecommendationSELL STOP
Entry Point0.6130
Take Profit0.6046, 0.5891
Stop Loss0.6160
Key Levels0.5891, 0.6046, 0.6131, 0.6540, 0.6876

The price is in a correction and may grow.

On the daily chart, a downward correction of the higher level formed as the wave (B), and the upward wave (C) develops, within which the entry first wave of the lower level 1 of (C) formed, a correction ended as the second wave 2 of (C) and the third wave 3 of (C) develops. Now, the wave i of 3 is forming, within which a local correction is ending as the wave (iv) of i. If the assumption is correct, the NZD/USD pair will grow to the area of 0.6540–0.6876. In this scenario, critical stop loss level is 0.6131.

NZD/USD: WAVE ANALYSIS

NZD/USD: WAVE ANALYSISNZD/USD: WAVE ANALYSIS

Main scenario

Long positions will become relevant above the level of 0.6131 with the targets at 0.6540–0.6876. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.6131 will let the asset go down to the area of 0.6046–0.5891.

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