NZD/USD: correction, followed by further growth.
The NZD/USD pair has shown an upward reversal, so buying is preferred. Currently, our trading strategy indicates the need for a downward correction. The ideal scenario on November 06th would be a touch of the November 2nd high at 0.59171.
On Monday, a small momentum-driven growth is possible, followed by a correction. In any case, after the completion of the correction, the minimum target for growth is 0.60555 (the high of October 23rd).
We recommend buying after the correction with targets at 0.60555 and higher.
On Monday, a small momentum-driven growth is possible, followed by a correction. In any case, after the completion of the correction, the minimum target for growth is 0.60555 (the high of October 23rd).
We recommend buying after the correction with targets at 0.60555 and higher.
Comment:
The correction is over, folks! On the shorter timeframes (M5, M15), we've got some kick-ass impulse-correction going on. It's time to open up those long positions and ride the wave! Just remember, trading's like riding a roller coaster, so buckle up, enjoy the ride, and don't forget to scream "wheeeee!")))
Trade active:
The whole past week was dominated by a correction in an upward impulse ranging from 0.57732 to 0.60019.
On November 9th, we opened a buying position at 0.59265, expecting the end of the correction. As an alternative, we considered the possibility of manipulation both with highs and lows. The sharp downward movement after the new local high at 0.59548 on November 9th, reaching a new local low, fits into the expected growth scenario. The NZD/USD reached the range of 0.5885-0.5890 and the "normal" 50% Fibonacci correction level.
The start of the upward movement could have been on Friday, November 10th, but it didn't happen. Graphically, the market pattern represents an impulse-correction structure upwards: the downward movement shows weak dynamics, but all the candles of the week being bearish.
Monday must reveal the determining direction of the further movement. To confirm the bullish sentiment, it is necessary to reach the levels of the 0.5935-0.5940 range on November 13th.
On November 9th, we opened a buying position at 0.59265, expecting the end of the correction. As an alternative, we considered the possibility of manipulation both with highs and lows. The sharp downward movement after the new local high at 0.59548 on November 9th, reaching a new local low, fits into the expected growth scenario. The NZD/USD reached the range of 0.5885-0.5890 and the "normal" 50% Fibonacci correction level.
The start of the upward movement could have been on Friday, November 10th, but it didn't happen. Graphically, the market pattern represents an impulse-correction structure upwards: the downward movement shows weak dynamics, but all the candles of the week being bearish.
Monday must reveal the determining direction of the further movement. To confirm the bullish sentiment, it is necessary to reach the levels of the 0.5935-0.5940 range on November 13th.
Trade active:
We're putting in a request to close the buying trade at a price of 0.60381.
Trade closed: target reached
