Akil_Stokes
Long

NZDUSD Bullish Cypher at Daily Supoort

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
I've had my eye on NZDUSD             for a while now looking for a bullish opportunity only to see the market blow past structure level after structure level. Now it finally looks like I'll have a trading opportunity as price action looks to retest and hold it's current level of support.

If everything goes the right way a retest would give me a completed Cypher pattern with an excellent place to hide stops. As mentioned before, daily support is present, along with a key psychological level in 84 flat. Lately I've been taking profits at a single position but in this particular opportunity I may look to split the position in half once again depending on what price action looks like.
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After today's movement on the Kiwi pairs, there may be another long opportunity in the waiting for us. I wouldn't complain about getting a 2nd bounce of support and potentially banking some more profits ;-)
Reply
Sam0101 Akil_Stokes
2nd bounce of support means?
Reply
That worked out nicely. Were you expecting an exact retest? Or just the cypher completion?
Reply
I was expecting the Cypher completion but the structure level served as a nice level of protection as well. So I thought the level as a whole had a good chance of holding, but worked out in my favor that it turned around right away
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Sam0101 Akil_Stokes
Is it going to retest 0.853 again?
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If we can hold this support level then yes I think we'll come up to test 85's again.
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m4nti Akil_Stokes
Thanks a lot for taking the time to reply. You and Jason are doing the lord's work :p
+1 Reply
Sam0101 m4nti
todays US news bring impacts to it. Will it able to sustain and hold?
Reply
1st targets should have been hit before the news was released
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Am i right if i say that pattern is already complete?
Reply
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