NZDUSD - Overview on Daily Timeframe - Buy Opportunity
The NZDUSD pair did not behave as we expected it to do, and never turned for the big up move we were, for reasons of potential profit, hoping it would do. Our previous analysis is therefore invalidated and the chance that the pair goes to retest or break previous weekly highs is no more existent. However, now that we know that the pair has or is about to complete it's B wave, in a similar manner to the EURUSD pair, it will need for sure to complete the corrective structure with a C wave. Again, the C wave could form a running flat, or end up much higher for an expanding one. Hence, for the same reasons, we have enough potential to be looking for buy setups on this pair, from now on, still keeping in mind from an operational perspective that the B wave might not be completed as yet, so we will keep all our long positions in BE as soon as possible.
From this moment on therefore, we will be looking for buy setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe (or a bigger 4 hr corrective structure), and buy the break of said correction with a stop loss beneath it.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
From this moment on therefore, we will be looking for buy setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe (or a bigger 4 hr corrective structure), and buy the break of said correction with a stop loss beneath it.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.