ORBEX: EURNZD - Will This Correction Increase Long Bets?
It looks like the corrective minuette wave ii completed or it's going to complete its bearish course near 1.7156/1.7300. The recent attempt to push prices down brought the pair lower where a subminute ,otive wave can be expected. This would add to validation components that could have minuette iii completed. SHould that effectuates, participants could look at the completion of minute iii, and perhaps minor 3.
As part of the correction, we can also expect a more complex decline. However, so far market structures hint to a simple corrective formation.
The current decline could go down to 1.70 without getting invalidated. This would form a complex flat pattern with the minute ii being shifted.
The short-term opportunity would be invalidated below1.7156 with short-term signs of failure appearing below 1.73 (unless if this turns to the upside any moment)
Can also expect a double bottom at minuette ii
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
As part of the correction, we can also expect a more complex decline. However, so far market structures hint to a simple corrective formation.
The current decline could go down to 1.70 without getting invalidated. This would form a complex flat pattern with the minute ii being shifted.
The short-term opportunity would be invalidated below1.7156 with short-term signs of failure appearing below 1.73 (unless if this turns to the upside any moment)
Can also expect a double bottom at minuette ii
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.