NZD/JPY falling inside minor impulse wave C Next sell target - 76…
NZD/USD rising inside minor corrective wave (iv)
- NZD/USD rising inside minor corrective wave (iv)
- Next buy target - 0.7000
NZD/USD continues to rise inside the minor corrective wave (iv) which started earlier from the support zone lying between the long-term support level 0.6810 (which reversed the previous downtrend in May, as can be seen below) and the lower daily Bollinger Band. NZD/USD is be expected to rise further to the next buy target at the next resistance level 0.7000 (forecast price for the completion of the active wave (iv), intersecting with the lower trendline of the wide daily down channel from July).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.