Technical Analytics Report

NZD/USD: Wave Analysis Report 13 May 2021

NZD/USD: Wave Analysis Report 13 May 2021

 

The pair is in a correction and may grow. 

On the daily chart, the upward wave (А) of B develops, within which the wave 3 of (A) formed, and a correction formed as the wave 4 of (A). Now, the fifth wave 5 of (A) develops, within which the first entry wave of the lower level i of 5 has formed, and a local correction is developing as the wave ii of 5. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 0.7458–0.7700. In this scenario, critical stop loss level is 0.6947.

 Main Scenario

 Long positions will become relevant after the end of the correction, above the level of 0.6947 with the targets at 0.7458–0.7700. Implementation period: 7 days and more.

 Alternative Scenario

 The breakdown and the consolidation of the price below the level of 0.6947 will let the pair go down to the levels of 0.6831–0.6708.

 Scenario

 Timeframe: Weekly

Recommendation: Buy

Entry Point: 0.7164

Take Profit: 0.7458, 0.7700

Stop Loss: 0.6947

Key Levels: 0.6708, 0.6831, 0.6947, 0.7458, 0.7700 

Alternative Scenario 

Timeframe: Weekly

Recommendation: Sell Stop

Entry Point: 0.6945

Take Profit: 0.6831, 0.6708

Stop Loss: 0.7000

Key Levels: 0.6708, 0.6831, 0.6947, 0.7458, 0.7700


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