So, here on
NZDUSD
there is a very good trend following opportunity that should be monitored during the next trading week.
I am looking the market to do the following moves:
As we are in a bear market right now I look for the retest structure, price should enter the reversal zone and then fall down. As you see we have fibs confluence of 38.2 right at the resist level and 61.8 little bit higher which is a critical reversal level.
If price does these moves we should be looking for the short entry and potential ABCD pattern formation, due to we have no structure below, we should use fibs extension tool and form ABCD pattern for your profit targets, depending the pullback is at 38.2 or 61.8.
Target 1 is the least aggressive setup.
NZDUSD
there is a very good trend following opportunity that should be monitored during the next trading week. I am looking the market to do the following moves:
As we are in a bear market right now I look for the retest structure, price should enter the reversal zone and then fall down. As you see we have fibs confluence of 38.2 right at the resist level and 61.8 little bit higher which is a critical reversal level.
If price does these moves we should be looking for the short entry and potential ABCD pattern formation, due to we have no structure below, we should use fibs extension tool and form ABCD pattern for your profit targets, depending the pullback is at 38.2 or 61.8.
Target 1 is the least aggressive setup.