Chartistry

$NZDUSD | Bearish Wolfe Wave In Progress

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
276 0 7
5 months ago
Hello Traders,

NZDUSD             0.63% has offered a high probability move to the upside. This would, in turn, complete a bearish Wolfe Wave giving a potential short opportunity once that target has been reached.

As of now, the highest probability target has been defined as 0.73636 while there remains "hidden resistance" just below that mark. Either level will give us a complete bearish Wolfe Wave/Geo''.

Daily Time Frame
When looking at the Daily time frame, we see this current trade as a puzzle piece to the larger picture. The next piece to the puzzle in the Daily time frame would be the completion of Wave 2 and the start of Wave 3.

snapshot


The impulse move and the completion of the Wolfe Wave/Geo' have a synonymous bias towards the downside. This is always good.

Monthly Time Frame
When taking a look at the Monthly chart, we can see an abysmal target range defined.

Highest Probability Target = 0.54078
Medium Probability Target = 0.50578
Lowest Probability Target = 0.46060
Geo's Off-Set rule remains a relevant support level as well.

snapshot


Overall, all time frames point in one direction, DOWN.

Stay tuned for more updates regarding this pair and the big move to come.

Best,
Chartistry
4 months ago
Comment:
snapshot


Potential Target Before Decline hit dead on.
4 months ago
Comment:
snapshot


1-4 line still act's as the equilibrium point and remains the highest probability target in this trade. Higher time frame analysis will follow suit in the coming week.

Stay tuned.

Best,
Chartistry
4 months ago
Comment: UPDATE: 1-4 line target reached

snapshot


Best,
Chartistry
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