FX.co ★ Review of NZD / USD pair for a week of June 8 by simplified wave analysis

The wave pattern of the H4 graph:

On the New Zealand dollar major chart, an upward wave structure since November 17 of last year has been formed. The wave has a high potential which will then move to a larger scale of motion. In the wave structure, the middle part (B) is nearing completion.

The wave pattern of the H1 graph:

The bullish wave of May 16 forms a correction to the previous decline as part of a larger model. After its completion, the main downtrend continues.

The wave pattern of the M15 chart:

The wave of this scale has not yet been completed today as the final part of a higher timeframe. The preliminary target level of recovery is within the limits of the higher timeframe.

Recommended trading strategy:

Purchases are only possible for trading inside-day. For larger-scale transactions, traders need to wait for the completion of the rise and the appearance of signals for sale.

Resistance zones:

- 0.7100 / 0.7150

Support zones:

- 0.6830 / 0.6780

Explanations to the figures:

A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). The last incomplete wave for every time frame is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits the expected wave motion.

Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need to confirm the signals used by your trading systems.