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NZDUSD, Elliot Wave Analysis

3/2/2023 10:21 AM

The price is in a correction and a fall is possible.

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the wave (C) develops, within which the entry first wave of the lower level i of 1 of (C) formed. Now, a local correction is developing as the second wave ii of 1, within which the wave (c) of ii is forming. If the assumption is correct, the NZD/USD pair will fall to the area of 0.6008–0.5890. In this scenario, critical stop loss level is 0.6388.

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