NZDUSD: Bullish Consolidation?

19 May 2023

On intraday chart the trend is still bearish, but at the same time the pattern in play could still push the NZDUSD pair up.

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21 May 2023

Not

22 May 2023

Not

The NZDUSD pair failed to form ABCDE Pattern, then correctly triggered a bearish leg bringing the price back to the weekly opening value. That said, it is we cannot rule out further bearish consolidation, but if this happens, it should still be interpreted as a Long opportunity, let's see...

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22 May 2023

Not

📢 Only ABCDE Pattern formation will maintain valid uptrend.

23 May 2023

Not

📢 As mentioned in previous updates, the technical environment has become slightly complicated. As we can see from 1H chart, the "12345 technical structure" could be completed a couple of pips below our Target 1. If this candlestick chart analysis is correct, here we have a "truncated wave 5".


🔴 If we look at the linear chart instead, here wave 5 is correct with the closing of the bar above the previous one.


🔴 At the same time, I think that somehow, sooner or later, another bullish leg is coming, and if that happens, we may have on 1H chart something like an "irregular B wave"


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