The wave pattern of the New Zealand dollar main pair provides a benchmark in the form of an ascending model, launched in August 2015. In the wave, the first two parts (A and B) have been completely formed.The ascending segment, which began in November of last year, began to form the final part of the main trend wave. Since the end of January, the price of the pair is declining, forming a correction on the chart. By the current day, it is not yet finished. The nearest probable completion site is approximately in 2 price figures below the current exchange rate of the pair.
In the coming days, quotations should complete the price rise. By the end of the week, the probability of a change in direction and another decrease will increase. The calculation zones indicate the most probable limits of the weekly range.
Boundaries of resistance zones:
- 0.7340 / 0.7390
Boundaries of support zones:
- 0.7200 / 0.7150
Explanations of the figures:
For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.
The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.