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NZDUSD - 4th wave correction to sell into


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USD INDEX- The USD has scope for consolidation and possibly a mild correction to the downside as we hit the 161.8% extension level of 90.24 (from 88.25-89.48). With this in mind, we only look to buy USD dips this morning

 

The selloff looks underway for NZDUSD but we have the reverse view and look to sell into rallies

 

Monthly: Trading in a congestion zone. This month will likely post an indecisive inside bar.

IG NZDUSD M.png

 

Weekly:  A possible bearish Head and Shoulders. Levels above the trend line resistance at 0.7350 continue to attract sellers.

NZDUSD W IG.png

 

Intraday (four-hours) – Opposite reaction to the USD. We have stalled at The 161.8% extension of 0.7184 (from 0.7433-0.7279). If price action is forming a bearish Elliott wave pattern, then we are in the 4th wave correction higher. Common correction levels are 23.6 and 38.2% of the last wave. Bespoke resistance is located at 0.7258. this is close to the 38.2% level of 0.7268. This is our prime area for short entry.

nzdusd 4 IG.png

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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