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NZD/USD Searching For Base; Sharp Reversal May Follow

Published 11/21/2017, 05:31 AM
Updated 07/09/2023, 06:31 AM

Good day traders!

NZD/USD is in the latest stages of the Elliott wave ending diagonal pattern which is completing black wave 5. One more push lower in the blue wave 5 to the region around 0.6730 area could prove to be terminal one. Usually reaction from the ending diagonal lows can be explosive so any shorts left might be closely monitored. We would like to see 0.6884 broken to the upside to confirm a bullish reversal.

NZD/USD, 1H
NZD/USD Chart

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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