My expectation is a new structure high.
Waiting for a retrace ( .382 FIB OR into previous structure around the .618 FIB level.
The move had pretty momentum, but I would rather wait for that pullback and not jump on at this time of some indecision because of R:R.
This could backfire and price could go on without me, but that's life :)
Targets around the 1.27...
Price hit retested the highs and broke through. Now I am looking for a pullback into previous resistance-turned-support and a harmonic continuation to the upside.
However, I am worried an older harmonic move completing right in our current price level. There might be a stronger move to the downside before any Long continuation ..
If the support holds, I am...
I just realised I haven't published this one when I "opened" it.
Since then I've reduced risk and now I would move my stop to BE + 13 pips to be under the rectangle in the 0,7125 area, but I can't do that without messing up the "Long position" tool.
Anyway, already a profitable position, but I don't want to be too tight with the stop. I want to see price move...
Based of fibs and some structure confluence I expect at least a retest of the recent high.
Would go for a continuation, but I am being careful seeing the strong move to the downside after US market opened.. But overall there is a bullish expectation. We will see what price does after (if) it break and closes above the previous high.
NZDUSD getting to the point, where I think a harmonic move was completed and it's time for a move down. Ideally the whole way down, but for starters, the target is on the chart.
At point D I see:
- harmonic move completion
- area of previous support / resistance
- 1.27 to 1.414 extension of AB
- 0.786 retracement of the "big" impulse leg (XA)
- price action...
Based on recent price action I expect the price to make a move to the downside to retest the previous low. Possibly even to progress further to previous structure to the downside.
There is also a distinct possibility that the price will continue up to make a new structure high (because of the momentum with which it attacked the 0,7080 area) , but with a R/R like...
