NZDUSD wave count | 2 trade opportunities
Wave count on NZDUSD setting us up with two potential trade opportunities.
On the daily chart we can see price carrying out an overall A-B-C correction, with Wave-C currently playing out.
Scaling down we can also see a smaller 5-wave structure forming within this C-Wave.
We've got 2 potential trade opportunities:
Trade 1 - Short-term Buy: Long trades could be taken if price finds support at the .382 fib level. This trade would follow wave-5 to the top for profit targets around the 1.618 fib extension level.
Trade 2 - Long-term Sell: Short trades would be taken upon the completion of the A-B-C correction, following bearish continuation with profit targets at 0.66000 & 0.64000. Extended targets would be identified upon the completion of Wave-C.
Updates will be posted as the trade plays out.
On the daily chart we can see price carrying out an overall A-B-C correction, with Wave-C currently playing out.
Scaling down we can also see a smaller 5-wave structure forming within this C-Wave.
We've got 2 potential trade opportunities:
Trade 1 - Short-term Buy: Long trades could be taken if price finds support at the .382 fib level. This trade would follow wave-5 to the top for profit targets around the 1.618 fib extension level.
Trade 2 - Long-term Sell: Short trades would be taken upon the completion of the A-B-C correction, following bearish continuation with profit targets at 0.66000 & 0.64000. Extended targets would be identified upon the completion of Wave-C.
Updates will be posted as the trade plays out.
Comment:
Price has passed the .382 fib retracement level. Next place to start looking for long entries is the .50 fib level @0.68235
Order cancelled:
Price never reacted at the .382 & .50 fib retracement levels. Trade not activated