This pair is the New Zealand Dollar vs. the U.S. Dollar. It is often referred to as trading the “Kiwi” because the $1 coin depicts the Kiwi bird. In 2012 the Reserve Bank of New Zealand intervened to devalue the Kiwi because it had appreciated so much. It is the 10th most traded currency in the world.
Kiwi has a very neat chart structure with accurate touchpoints within the trend channel.
The structure was broken last month and we have a very healthy pullback after that.
It touched the broken trendline and now heading south.
The structure shaped a bear flag pattern with a target at 0.6710.
On the NZDUSD we can see confluence between the 50% Fibonacci retracement and the 161.8% Fibonacci extension. I placed the stop below the 61.8% Fibonacci retracement.
Target: 0.71662 = R:RR 1.65
Best of luck! Updates will follow.
We have a Bearish Wolfe Wave here , so go to a Lower time frame and try and take a 2618 Short if the possibility allows you , as you can see my Target 1 is my preferred Target according tom the Wolfe Wave Rules i have set myself and i will be looking at the extend target 2 if price by any chance will re test the ...
We're in this short now, and looking to add in the next 3 days. It is possible that we're seeing the resumption of the sharp downtrend that started after the US Presidential election created a solid LOW in the dollar and US equities. This could be the first 'wave 3 or C' after the first 1/A down. Since the first ...
practicing with elliots looking for wave 4 pull back then continuation for wave 5. practice makes perfect. this is for my personal use, want to implicate this into my strategies in the future once i am more comfortable with it.
Downtrend Rising Wedge
If the rising wedge forms after a
downtrend, it’s usually a confirmation
of a Continual Bearish Signal.
Place an Entry Order when price breaks
the rising wedge formation.
NZDUSD short on daily chart
SL = 0.72356
ENTRY = 0.71257
TP1 = 0.69689
Two positions with the same stop loss and x1.618 target for the first position
The stop loss of the second position to breakeven when the first position hits the target1.
The second position has no target, only exit
Risk= 2% of account capital ...
Although i still wait for that big down move (watch the link below), looking at the hourly chart of NZDUSD we have a bullish gartley completion at the lower parallel of a modified schiff. This is a nice buy opportunity for the upcoming week.
NZDUSD make New structure high in the 4 hour time frame
also there potential support in the area between 0.7136-0.7107 (the green rectangle)
in the 1 hour time frame is a gartly pattern in the support area
Buy limit : 0.7127
Stop loss :0.7089 (under previous low )
Take profit 0.7164 (at 38.2 Fibonacci level of ...