If today closes as a pin bar rejecting .66300, it would be a good opportunity to go long. Despite fundamental news about China crashing, the price was already affected by that.
Breakout of triangle towards the short side as predicted
Closed short $NZDUSD at 0.6699 for +17 pips profit!
Symmetrical triangle formed on the 15 minute chart. High probability of bearish breakout.
Entered short @ 0.6838
A complete five wave rising wedge pattern. Price broke the lower rend which is a clear indication of downward movement.
Over the last week or so we have hit the a,b and c legs of a possible Bullish cypher. Looking at the RSI there is some bearish divergence. If this continues it should take us down to complete at point D and be in the oversold area of the RSI. There is a possible opportunity to get short down to the 0.67242 area. Would also be looking for an entry around this...
Corrective ABC structure seems to be complete. Which in my counting is the IV higher degree corrective wave of a large down trend. Only problem is the final C wave is below the initial A wave of the overall completion. Any thoughts ?
NZDUSD finding resistance @ .6800 long term trend line, NZDUSD has shown weakness breaking below trend long term trendline. After the play out of a double top formation (angled) price failed to break 0.6800 on the retracement. Going for TP 0.6761 with SL above 0.6810
Beginning of W Pattern started around April 20th 2014. We are currently in the trough of the W center. Looking for a swift downward move before retracing to April 2014 levels. We've now reached a Double Top on the weekly TF, and poised for the beginning downward move to .6250 area.
NGDUSD could return back to back to Fib -0.27 (0.64855) to fulfill Fibonacci.
Looking for this resistance level to hold and push further downward close to the previous support
This trade is purely based on Price Action Rejection Levels.
The Reserve Bank today reduced the Official Cash Rate (OCR) by 25 basis points to 2.5 percent. particularly in China. Combined with increases in the labour supply from strong net immigration, posting a financial stability risk. CPI inflation is below the 1 to 3 percent target range,