UPDATE #2: Trade setup invalidated. Focusing on future setups.
UPDATE #1: The current market price is a good selling entry level. This same pair has formed another bearish cypher pattern on the daily time frame. I have entered into short position based on the daily cypher pattern. Check out the daily pattern that I have recently posted, in the related ideas below.
Hello Traders,
We've just gotten the completion of a BEARISH Cypher pattern, it is important to note that this is on weekly time frame. This causes our stop loss to be pretty big, but the risk to reward ratios work in our favor. Notice the black trend line that has been tested at least twice within the 4 year interval and hiding our stop loss above this major trend line will be advantageous to us. I would consider this more of an outlook instead of an actual trade setup, especially because of the huge stop loss. The major weekly trend is very bearish and having a good harmonic pattern in the direction of the major trend is worth keep an eye on. I am personally bearish on this pair and will be looking for any type of shorting opportunities on lower time frames.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
Take care of this pair buddy, its fundamentally getting better. Good luck
moneymaking
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Hey Technician, yes, I will definitely will be careful with this pair. This might be the beginning of a major uptrend. Thank you for the advice Technician, it means a lot coming from you :)
moneymaking
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UPDATE #1: The current market price is a good selling entry level. This same pair has formed another bearish cypher pattern on the daily time frame. Check out the daily pattern that I have recently posted, in the related ideas below.
Lanmar
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I'm long with a target of 1.127. Will surely go long again if it breaks 1.13+. Seems like New Zealand dollar is headed toward a secular bear market.
moneymaking
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Hey Lanmar, wish you all the BEST :)
SteveTobin
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fundamentals here are a little concerning, RBNZ confirmed an easing bias going forward and the RBA are standing PAT. I am not convince by the technicals, the black line was only tested once way back in 2013, I can consequently not apply much importance to it. The chart so some evidence of a significant change in direction. I would be very careful, partly because of my dislike for harmonic patterns but also the fundamentals.
moneymaking
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Hi Steve, Amazing explanation. I'll for sure keep this in mind. Thank you for the great advice :)
PriceActionTrading
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Wanted to long this pair but it happened too fast overnight. this is my take on AN.
Completion of a pattern and middle of another. Long opportunity gone.
moneymaking
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Whao Price action, this could've been your trade of the year. Don't worry about it, there will be many more opportunities like this coming your way. Better to learn from this, so that you don't miss it again in the future.