Here we have a Cypher pattern on the EUR/NZD 1hr chart.
Most NZD pairs are currently at a level of string support, and with my expected weakening euro, this pair should dip. (Albeit weak) daily support has been broken and I can see this Cypher formation taking price lower still.
As always with this pater, we will have 1:2 risk and our first TP level at 38.2%.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
Most NZD pairs are currently at a level of string support, and with my expected weakening euro, this pair should dip. (Albeit weak) daily support has been broken and I can see this Cypher formation taking price lower still.
As always with this pater, we will have 1:2 risk and our first TP level at 38.2%.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
Comment:
NZD clearly lost a lot of support today. This is down to reports that their Green Party will not support the Labour Party in voting to ratify a revised Trans-Pacific Partnership (TPP) trade agreement. Unfortunately I did expect this to be the case. And the curve continues.
