As most would know now we are at a crossroads here as to which direction we head in this confluence area!
The cypher has partly played out in this $11080 long term support area.
Whether we abc/impulse up or continue the larger ABC down?
1) New Zealand trade surplus widened tO NZD 433 million in April 2019 from NZD 200 million in the same month of the previous year and compared to market expectations of a NZD 400 million surplus
2) New Zealends unemployment rate fell tO 4.2% in the first quatar of 2019 from 4.3% in the previous period, matching market expectations and close to its 10 year low
Cypher Pattern already completed, but i'm waiting for a better confirmation as a price touching the the Major Support at 38,2 fib Support or waiting that break the Wedge to the upper side.
Bullish Cypher Pattern already completed
Falling Wedge pattern on formation
38,2 Fib Major Support
Confluence of Fib Inversion and Fib Extension
32,8 Fib Retracement
Confluence of 141,8 and FIB extension and 161,8 Fib Inversion
Be aware we have a Inverted Head and Shoulder Pattern so we can expect only a pull back to 32,8 Fib of the last movement (Orange Zone)
Currently in a long cypher with targets 1 already hit and target 2 in sight.
If we can hit target 2 and continue a little higher we could see a second cypher completion to get invoved in the short side.
I am keeping an eye on this pair for the next few days to see how it plays out.
R;R is nearly 1:1.5
Safe trading everyone
GOLD is approaching support ( andwe have a harmonic Cypher pattern already completed on the Daily Chart)
I will wait for some kind of reversion and a reason to enter at 38,2 fib retracement and 161,8 Fib Extension on the 4 Hours Chart
Gartley and Cypher harmonic pattern on GBP/JPY -
Last Friday I already submit this possible setup
- RSI divergence at 30 min, Over Sold and a falling wedge at 30 min chart is the reason for me to enter on this trade.