There's a huge bearish divergence on the higher timeframe, it's about time nzd should recover. Trading this lower timeframe with a 2618 setup. Good RR overall, i'm taking the bigger reward for this trade.
Trade closed: stop reached
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Comment
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Trade Active again. Risking half my normal position as usual
I am not expecting Nz$ to have any major recovery due to possible negative effect on future ability to maintain higher interest rate. There is a bit of policy uncertainty which is not good, hence more bullish on NzD. Good charting.
danserati
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@ForexTurtle,Hello! thanks for commenting, i am no expert in fundamentals as well but i believe every rally there will always be a retracement recovery before the bulls rally again
Anyway, i'm trading this looking at an overview of 4HOUR TF and 15M TF chart pattern which i saw a 2618 pattern.
I appreciate your shared knowledge! :D
ForexTurtle
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@danserati, Yes Bro... we all are learning. It never stops. Thanks for kind words.