TimStuyts
Short

NZDUSD ending a weekly consolidation

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
618 8 28
The target zone we were looking for around 0.72 has been hit and now I will be looking for the bearish reversal. For context and previous buy trade see link below:
NZDUSD


I'm looking for wave C to complete and on the daily time frame we see the first attempt to move lower, however this move has been followed by a retrace of 50% already. Therefore I like to let the lower time frames tell me whether or not to sell the continuation.
snapshot


On the 15 min time frame we see strong retrace and I like to see a bearish move like we saw at the end of last weeks trading session but this time is should be followed by a minor consolidation so we can sell the continuation with the potential of a break below 0.620.
snapshot


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Comment: I'm not able to update a lot this week but I expect to see more sideways price-action in the Majors because of Brexit last week. This will provide lower time frame trade set-ups. I will update when possible but always focus on the impulse and correction because an impulse never comes in 1 wave. I expect some fantastic moves to start soon that will start a trend continuation on several pairs on the higher time frames. So I can wait for those set-ups and will post those set-ups later on as well. This chart shows an ideal consolidation for NZDUSD before we see the bearish continuation that might very well trigger the weekly set-up.
snapshot
Comment: This pair showed us why we have to wait for confirmations since it invalidated the bearish impulse from the 0.73 zone. Nevertheless the bigger picture hasn't change and although we still might correct higher on weekly time frame, short term we likely see a bearish continuation.
I like to see a more significant correction on the 1 hour time frame before considering a sell trade but 0.715 seems a level that needs to be at least retested soon.
snapshot
Comment: This chart shows what I'm looking for short term for a high probability sell trade. (this is a scenario wave count might change if things change)
snapshot
Comment: The outlook for NZDUSD on weekly time frame hasn't changed yet and I will be looking for a reversal out of a major zone shown on the daily time frame below.
snapshot

The 1hour time frame will be my leading time frame in terms of a potential sell. I mentioned before that I was waiting for a consolidation which we didn't see yet. Nevertheless my bias is still short and I will therefore wait for a bearish impulse, consolidation to sell the continuation. this can be done on the time frame you prefer for either a more aggressive entry from lower time frames or more conservative from the higher time frames.
snapshot
Comment:
snapshot
Comment: We saw the anticipated move lower and should now be looking for consolidation to sell the continuation. This can be done on any time frame depending on whether you are a swing trader or day trader.
snapshot
Hi Tim, your comment in the chart says "bearish moves but no consolidation". What do we look for in consolidation? In any specific time frame?
Reply
TimStuyts sandhusukhjit
We are looking for a reversal on the higher time frames so I like to see abearish impulse of lesser degree followed by aconsolidation. Then sell. Time frameis up to you based on wheterh you are a swing trader or day trader. By miving to a lower time frame you can get a better entry in terms of risk/reward but the idea of entering will alway's be the same
Reply
TimStuyts TimStuyts
Sorry for typo's. Have to respond from my phone. Have a good day, I'll be back tomorrow
Reply
Can you please give an update on this weekly chart. Thanks
Reply
TimStuyts alexanderbg91
Hello Alexander I posted an update above. Good trading to you!
Reply
same point of view! thanks you for sharing
+1 Reply
TimStuyts andreas1
Nice, good trading to you!
Reply
FXSurf PRO TimStuyts
Agreed, looks great!
Reply
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