NZDUSD 12/05/2023 Analysis
NEW ZELAND DOLLAR / US DOLLAR H4 Time Frame
Major Trend = Ranging
Minor Trend = Downtrend
Nearest Support Area = 0.60825-0.61260
Nearest Resistance Area = 0.63500-0.63825
Overall Bias = Short
Short Term Target = 0.61900-0.62130
Ideal Target = 0.60825-0.61260
Invalidation Level = 0.63825
Notes :
NZDUSD in its daily time frame is in a small range bound area between 0.61000 and 0.63500, whilst its current trend in the H4 time frame is a strong downtrend after price tested its major resistance zone. Using Elliott Wave Analysis we can also see that price just made its 2nd minor wave top and is currently in its 1st minuette wave correction of its 3rd minor wave.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to continue its correction lower with an ideal target around 0.60825-0.61260. This scenario will still be valid as long as price stays above 0.63825.
The 2nd "Worst Case" Scenario is the red paths where price ends rebound higher back to 0.63500-0.63825 after testing one of its minor support zone.
Major Trend = Ranging
Minor Trend = Downtrend
Nearest Support Area = 0.60825-0.61260
Nearest Resistance Area = 0.63500-0.63825
Overall Bias = Short
Short Term Target = 0.61900-0.62130
Ideal Target = 0.60825-0.61260
Invalidation Level = 0.63825
Notes :
NZDUSD in its daily time frame is in a small range bound area between 0.61000 and 0.63500, whilst its current trend in the H4 time frame is a strong downtrend after price tested its major resistance zone. Using Elliott Wave Analysis we can also see that price just made its 2nd minor wave top and is currently in its 1st minuette wave correction of its 3rd minor wave.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to continue its correction lower with an ideal target around 0.60825-0.61260. This scenario will still be valid as long as price stays above 0.63825.
The 2nd "Worst Case" Scenario is the red paths where price ends rebound higher back to 0.63500-0.63825 after testing one of its minor support zone.
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