NZDUSD Near a Major PRZ: Is a Bearish Reversal Starting?
NZDUSD is currently trading near the Resistance Zone, the Potential Reversal Zone (PRZ), and the Resistance Lines. Multiple technical signals are converging around this area, increasing the importance of the current resistance structure.
From an Elliott Wave perspective, NZDUSD appears to be completing Wave 5 of a Leading Diagonal. A Negative Regular Divergence is also visible between consecutive peaks, suggesting that bullish momentum may be weakening.
I expect NZDUSD to begin a bearish move soon and decline at least toward $0.5889. If bearish momentum strengthens, the decline could extend toward $0.5877.
🎯First Target: $0.5889
🎯Second Target: $0.5877
🛑Stop Loss: $0.5962
Key level to watch: $0.587
Which level do you think NZDUSD will reach first?
🔴$0.5877
🟢$0.5962
#nzdusd
NZDUSD is currently trading near the Resistance Zone, the Potential Reversal Zone (PRZ), and the Resistance Lines. Multiple technical signals are converging around this area, increasing the importance of the current resistance structure.
From an Elliott Wave perspective, NZDUSD appears to be completing Wave 5 of a Leading Diagonal. A Negative Regular Divergence is also visible between consecutive peaks, suggesting that bullish momentum may be weakening.
I expect NZDUSD to begin a bearish move soon and decline at least toward $0.5889. If bearish momentum strengthens, the decline could extend toward $0.5877.
🎯First Target: $0.5889
🎯Second Target: $0.5877
🛑Stop Loss: $0.5962
Key level to watch: $0.587
Which level do you think NZDUSD will reach first?
🔴$0.5877
🟢$0.5962
#nzdusd