The NZDUSD pair had rallied from 0.6425 through 0.6975 levels, unfolding into 5 waves impulse, which could be labelled as Wave 1 or A as implied on the 4 hour chart displayed here. The drop between 0.6975 and 0.6588 levels could be seen at a corrective zigzag which could be labelled as Wave 2 or B. Ideally after a 5-3 wave formation, we can expected another 5 waves at least, even if it is producing a corrective structure at a higher degree. Interim support is seen at 0.6588 levels, while resistance is at 0.6850 levels respectively, and ideally prices should remain above 0.6588 levels going forward. A minimum potential target could be at 0.7100/7200 levels, but please note that prices could extend all the way above 0.7500 levels as well.
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This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.