Select Language

NZD/USD Price Forecast: Falling in possible C wave of bearish pattern

Breaking news

NZD/USD Price Forecast: Falling in possible C wave of bearish pattern

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.10.29 23:09
NZD/USD Price Forecast: Falling in possible C wave of bearish pattern

update 2024.10.29 23:09

  • NZD/USD is steadily declining in what could be the final wave of a large zig-zag pattern. 
  • It is not yet oversold and could reach lower lows given the bearish short and medium-term trends. 

NZD/USD is falling in what might be the C wave of a bearish ABC pattern which began life at the September 30 highs.

ABCs are zig-zag patterns in which waves A and C are usually of a similar length or a Fibonacci 61.8% of the other.

NZD/USD Daily Chart 


NZD/USD will probably fall to a target at 0.5911, the point where wave C is 61.8% of A. A break below the 0.5956 low would provide confirmation. 

It is possible it could fall all the way to the major support level at 0.5849 (August 5 low). A really bearish move could even see an extension to 0.5784, the point where wave C = A.

The outlook is supported by the fact that the pair is in a bearish short and medium-term downtrend and "the trend is your friend". The Kiwi pair is, however, in a sideways long-term consolidation. 

The Relative Strength Index (RSI) momentum indicator is not yet oversold (below 30) suggesting there could be more downside to come. When it reaches oversold traders will be advised to not add to their existing short positions. 

 


Date

Created

 : 2024.10.29

Update

Last updated

 : 2024.10.29

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

NZD/JPY Price Analysis: Pair tumbles and eyes break of 90.00-92.00 range

The NZD/JPY pair has been on a downward trajectory for the past three days, shedding 0.27% on Friday's session to close near the 90.30 level.
update2024.11.23 06:57

Silver Price Forecast: XAG/USD surges above $31.00 as US yields fall

Silver price recovered some ground on Friday and reclaimed the $31.00 a troy ounce, boosted by falling US Treasury bond yields and despite a firm US Dollar.
update2024.11.23 06:31

NZD/USD Price Analysis: Pair fell to lowest level since November, bears command

The NZD/USD pair extended its losses on Friday, declining by 0.54% to 0.5830, its lowest level since early November.
update2024.11.23 06:18

Canadian Dollar loses momentum on Friday

The Canadian Dollar (CAD) waffled into the midrange on Friday, testing into the low side but ultimately getting hamstrung as Canadian data comes in mixed and gets overshadowed by sentiment-bolstering US data prints.
update2024.11.23 05:47

Australian Dollar retreats as US Dollar gains momentum after S&P PMI data

The AUD/USD declined just below 0.6500 as the market is focused on the US Dollar's strength.
update2024.11.23 05:07

Gold price reaches two-week peak as US yields fall, geopolitical tensions rise

Gold price rallies to a new two-week high on Friday during the North American session as US Treasury bond yields drop.
update2024.11.23 04:55

Dow Jones Industrial Average soars another 350 points

The Dow Jones Industrial Average (DJIA) has snapped its recent soft patch, extending its midweek bullish pivot into a firm Friday performance.
update2024.11.23 03:56

US Dollar retraces from two-year high after PMI data, geopolitical uncertainty prevails

In Friday's session, the US Dollar Index (DXY) declined slightly after reaching a new two-year high amidst geopolitical instability.
update2024.11.23 03:08

Mexican Peso slumps, shrugging off solid data

The Mexican Peso retreats for the third straight day versus the US Dollar, although economic data suggests the country's economy grew in the third quarter while inflation edged lower.
update2024.11.23 02:37

A (local) peak in Gold is now imminent - TDS

The downturn in Gold prices underscored by sharp liquidations from macro funds lined up exceptionally well with historical patterns surrounding drawdowns associated with macro fund liquidations from extreme levels, averaging between 7-10% over the last decade, TDS' Senior Commodity Strategist Daniel Ghali notes.
update2024.11.23 01:02

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel