well, Thiis is just My assumption about NZDUSD movement . hope NZD well goes like my guessing haha !
I have just reentered short on this pair at 0.67502 with SL and TP on chart. Size lot: 1.25k Risk:870$ Reward: 3760 $ Good Luck!
NZDUSD Buy @CMP. 0.6729 TAKEPROFIT: 0.68500 STOPLOSS: 0.6700
NZDUSD shall see a dip towards 0.6498 Zone, before rising towards 0.6891 levels. From there market seems to push it back down, as it has previously 3 times, should be a great zone to Short at those levels, aiming at 0.6250 levels. Bearish ButteryFly Pattern on the 12 hour charts, indicating further downside.
Get Ready for a bigger dive in NZDUSD in coming days. See a bearish butterfly pattern being formed in 12 Hourly Chart. Slight 250 Pips upside, and than a good zone to short at 0.6880 - 0.6900 Levels. I am looking at a dive towards 0.6250 Levels in coming days/weeks.
So I started this by looking at a simple breakout from current structure. Looking at the bigger picture we have had teh X to A and A to B legs form of both a potential Gartley and Cypher depending on what you like to trade. Point C is at a pervious point of support and if this plays out then Leg C to D would bring us back down to previous structure as well
This is how I see this pair could play out. As always, trade with care and trade what you see! I may have my counts wrong, not that pro of a wave trader!
Entered short @ 0.6838
A complete five wave rising wedge pattern. Price broke the lower rend which is a clear indication of downward movement.
Over the last week or so we have hit the a,b and c legs of a possible Bullish cypher. Looking at the RSI there is some bearish divergence. If this continues it should take us down to complete at point D and be in the oversold area of the RSI. There is a possible opportunity to get short down to the 0.67242 area. Would also be looking for an entry around this...
As we know, NZDUSD is overwhelmingly bearish. This looks like a good opportunity for both pattern traders, and the trend continuation crowd. We all know the risks inherent into blindly trading butterflies, as you are essentially buying or selling a break of structure. However this time looking left, we see some minor structure levels if we are to expand our...