__SpecialFX__
Long

Potential For a Bullish Monthly Trend

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
163 4 6
The Chart shows the current wave count on NZDUSD             . The Wave Count indicates the cycle from Jan 20 lows at 6350 has already completed a few days ago at 6748.

At this point there is no proof that the structure turns into a double corrective and we get a renewed leg to the upside, that will only happen on a bullish breach of 6748. The reason the chart is posted, after todays strong momentum to the upside, this could be an area to start initiating a first position, perhaps small, and then looking to add once the double structure is confirmed.

There is a bias in this chart (if you've seen some of my other charts) as I'm extremely bearish the USD. Which is the reason why I believe we will have an uptrend in the NZDUSD             that is likely to last a few months.
Please see the related charts to understand why I'm bearish USD.

When the USD is bearish , traders are drawn to the kiwi because of it's attractive carry rate.

A breach of B wave lows at 6563 invalidates the setup. Targets will be determined as the wave develops with a min target of 6900. Best entry would be by buy stop above today's highs as momentum has slowed down.
Update: Here is an updated 1H Wave Count. I have now entered into the position. Stops below circle wave B, though I believe (B) wave lows should hold the downside. Targets will be determined as the wave progress, but looking for a swing setup to take out 6748
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__SpecialFX__ PRO __SpecialFX__
9 months ago
The first upside wave cycle from 6563 lows has been completed, and marked as wave a on the chart. We are currently pulling back in wave b. This is expected to break the smaller term channel, while the bigger channel stays in tact. Potential for a test of the bottom of the channel where there is also a 76.4% fib. Though keeping an eye on the 61.8% as well as the momentum. For further upside, the larger channel has to stay in tact.
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jhakas
9 months ago
nice.. that you are long too.. here is my setup on nzd since from monday..

NZD/USD Buy Setup
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jhakas
9 months ago
nzd is now close to 200 sma on daily tf. so i expect some resistance.. but it holds bullish patterns.. so i think if 0.675 will be cleared then next target will be 0.69 and then towards 0.75
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