thillygoosth

NZD/USD potential beginning of reversal...again

OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
NU is just below the 1.236 fib of the WXY pattern, which is usually the spot. It either just made a running flat to continue dropping further, or it just made a "B" wave for a reversal (if so, most likely to make a larger running flat to confirm further downtrend which would probably take it to the 50-62% retrace area). Considering the fibs and the fact it came off of the 27% fib extension of smaller correction it is in, along with the weekly TDI divergence, I think it may be ready to start pulling up. Has not fully confirmed yet with lower time frame price action, but I think it very well might.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.