Trading Conditions
Products
Tools
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 divergenceRed 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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.