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ChrisThein

NZD/USD A Classic Bearish ABCD Pattern 30 min

Short
New Zealand Dollar / U.S. Dollar (FX:NZDUSD)  
ChrisThein  
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
AB=CD rallybasedrop Supply Zone Bearish Patterns 30min NZDUSD
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abcdpattern rallybasedrop supplyzone bearish 30min nzdusd
Price has been making lower lows the last few days. There is a nice Rally-Base-Drop zone at .6780-.6790. This coincides with a a potential ABCD completion in the middle of that zone. We also have a fib .886 retracement in the mix as well. This presents us with a low risk high probability trade. I'm looking to go short around .6786, my stops at .6795, and target back down to .6738. If you are looking for a secondary target you can look for the 1.27 ext on the X to A leg of the move. That lines up with the .6700 handle. You could put your stop just above the .6800 even handle as well. Good luck trading out there.
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