A number of possibilities here. It looks like a WXY correction from the high -- in sum for W. This up move is corrective and would serve as a major X, for another leg down for Y.
Alternatively the high from the Sept ED could be a LD (Leading Diagonal), although not all the inner movements are down in 5.
In sum this pair remains bearish and NZD is weak. I will update to this thread.
Alternatively the high from the Sept ED could be a LD (Leading Diagonal), although not all the inner movements are down in 5.
In sum this pair remains bearish and NZD is weak. I will update to this thread.
Comment:
The current upswing is corrective, yet looks likely to remain upward-moving for now. We may see a deeper move down on the next high (W), but if that is just a larger X wave, then probably up towards the trendline before a further move down for larger Y. I am still bearish on this pair
Comment:
Frankly this pair is not clear at the moment, so it's best to wait until a setup becomes clear. The up move is corrective but has been strong so far. On the weekly, there is some possibility to move up higher for another leg of a huge correction. I will update this when I see a trade.
Comment:
It may be breaking up from a tri, so perhaps a pause and correction soon
Comment:
Looking for a bit lower to complete X, before another move up. The move up so far has been choppy