InvestMate|NZD/USD Long-awaited correction🥝

23 בנוב׳ 2022

🥝NZD/USD Long-awaited correction.

🥝That's what I wrote in my last post about the coming falls:

🥝That's how I would like to update/extend my downward perspective this time:

🥝The impressive gains that the New Zealand Dollar has made over the last few months is quite astounding.

🥝The NZD/USD pair was helped fact that there was a sharp wave of declines in the US Dollar as the New Zealand Dollar strengthened.

🥝Which resulted in a straight upward wave with virtually no major corrections.

🥝 Therefore, in my opinion, it was time to catch up and make a downward correction.

🥝Because looking at the chart, the price has been struggling to break through to new highs for a good two weeks.

🥝This is how we get to the support zone which, in my opinion, could hold precious if there will be a downward correction.

🥝Zone was determined by a cluster of two fibo levels. The first is the level of 0.236 of the entire downward wave that started on 25 February 2021. The second level is 0.382 of the entire current upward wave from the peak. It can also be seen that during the current upward wave from the peak, the price has repeatedly found support/resistance at that zone.

🥝The resistance zone will remain around the current peaks between the fibo level of the current downward wave 0.618 and the new highs.

🥝The scenario I am playing out is the final execution of a downward correction with a range reaching the support zone marked on the chart, taking into account smaller corrections along the way.

🥝*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.

🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀