The New Zealand dollar (now at 0.8656) plunged as the head of the country's Reserve Bank warned that the central bank might have to intervene in foreign exchange markets to weaken the currency.
This is confirmed by the Reversal candlestick in the daily chart and the Elliott Wave count in the Monthly, Weekly, daily and 4-hour charts.
TARGETS:
likely: 0.8510-0.8477
possibly: 0.8081-0.8051
maybe: 0.7812
ELLIOTT WAVES
Quite simple: all charts show the completion of 5 waves up
CANDLESTICKS
Note the reversal "engulfing pattern" in the daily chart
THE WAVE OSCILLATOR
The wave Oscillator displays the typical Reversal Cusps. BTW, unless the NZDUSD plunges vertically, the W.O. should deliver an entry point only after a rebound.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
Daily chart, click to enlarge
Wave Oscillator on a daily chart, click to enlarge
4-hour chart, click to enlarge
No comments:
Post a Comment
Hi Traders. Tell me if you agree or (politely) disagree.
Note: only a member of this blog may post a comment.