NZDUSD - 4hr Timeframe - Buy Opportunity

NZDUSD has been in a big sideways correction for some time. At the moment, the pair is however forming a nice buy setup, on the 4hr and 60min timeframes. The pair has already formally completed a running flat type correction, with it's "c" leg breaking the low at "a", however it is struggling in it's next move to the upside. Nonetheless, we believe that NZDUSD will in any case go to break the previous daily top, before resuming it's bigger picture downtrend on the weekly timeframe.

From this moment on therefore, we will be looking for buy setups, on this pair: watch out for minor trend breaks of this channel it is forming to the downside, for an entry point. We believe that this minor downside movement, in fact, will be quite short lived. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe, and buy the break of said correction with a stop loss beneath it.

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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

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