traderWgun
Short

Shooting star warning that a major cycle has ended

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
523 8 7
This market made a new high were it reached 1.272 fibonacci extension.
Now it's making a shooting star pattern on the weekly chart.

The EW count suggests that market has completed (or still in)
a complex correction. This market could do a wave XX and make another
three-leged move upwards before starting the move down.
But either way, it should retrace the move from .76 in atleast 3 waves.

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Make sure you take a look below for some short term charts.

Good luck!
traderWgun
2 years ago
snapshot
1H count
Reply
ForceFollower traderWgun
2 years ago
Yeah, I'm not particularly happy about that shooting star. :) But I can't argue with facts. My bet is your swing low (iv) is going to hold. Otherwise I will have failed.
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traderWgun ForceFollower
2 years ago
I expect a push higher in the short term, but I would rather sell it then buy it.
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traderWgun
2 years ago
snapshot
4h count
Reply
jago25_98
2 years ago
I also have a feeling it will go a bit higher in the short term... and agree lower in the long term...

savings are in NZD so now looking to guess which other currency to change to... and hold for 6months to a year
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ForceFollower jago25_98
2 years ago
A good question. The AUD? (http://www.fxstreet.com/economic-calendar/world-interest-rates/) The AUD is currently the strongest currency, quite on par with the CAD. But I think the NZD is not going to be totally abandoned by investors, so I expect at least one last rally - to 0.87.
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jago25_98 ForceFollower
2 years ago
hmm... I'm bearish on gold and oil at the moment so both of those not sure about... hmm
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That was quite the shallow and a really deep retrace on this pair... News really hastened the correction it seems.
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