5 waves down are about to be completed in NZDUSD

NZDUSD is most probably at the final stages of a downward wave that started from 0.6755 and is now at 0.6370. Price has formed an impulsive downward move and we observe a 5 wave formation. Price is now at the final stages of the fifth wave and this is also supported by the bullish divergence in the RSI.

Green line- bullish divergence

Red line – expected path

Yellow rectangle – possible area of end of wave 5

NZDUSD is expected to reverse its trend soon and bounce towards 0.64-0.65. Price is at its final fifth wave and the bullish divergence in the Daily chart supports this scenario. So far we only have a warning and not a reversal signal. Short-term resistance is at 0.6357 where we see is the last three day highs. Breaking above this level will increase the chances that the low is in.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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