Technical Analytics Report

NZD/USD: Wave Analysis Report 10 Feb 2021

NZDUSD

 

The pair may grow. 

On the daily chart, the upward wave (А) of B develops as a momentum, within which the wave 5 of (A) forms. Now, the third wave of the lower level iii of 5 has formed, the local correction iv of 5 has developed, and the wave v of 5 is forming, within which the wave (iii) of v is developing. If the assumption is correct, the pair will grow to the levels of 0.7350–0.7450. In this scenario, critical stop loss level is 0.7132. 

Main scenario 

Long positions will become relevant during the correction, above the level of 0.7132 with the targets at 0.7350–0.7450. Implementation period: 7 days and more. 

Alternative scenario 

The breakdown and the consolidation of the price below the level of 0.7132 will let the pair go down to the levels of 0.7016–0.6924. 

Scenario 

TIMEFRAME: WEEKLY

RECOMMENDATION: BUY

ENTRY POINT: 0.7234

TAKE PROFIT: 0.7350, 0.7450

STOP LOSS: 0.7132

KEY LEVELS: 0.6924, 0.7016, 0.7132, 0.7350, 0.7450 


Alternative scenario 

TIMEFRAME: WEEKLY

RECOMMENDATION: SELL STOP

ENTRY POINT: 0.7130

TAKE PROFIT: 0.7016, 0.6924

STOP LOSS: 0.7190

KEY LEVELS: 0.6924, 0.7016, 0.7132, 0.7350, 0.7450

 

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