NZDUSD was travelling in a wedges for a rather long time , until recently price broke out to the downside, it formed a descending channel on its way down. Price recently hit the bottom of the channel and has been making its way to the top, We believe price will make its way up to the 0.618 but we have sell limit orders at the support zone in-between the 0.5 -0.618 retracement levels. Our TP is the -.027 of the previous wave.
IF PRICE HITS STL , PRICE WILL MOST LIKELY FOLLOW THE RED LINE.
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PRICE DIDN'T QUITE MAKE IT ALL THE WAY UP TO THE 0.50 RETRACEMENT LEVEL HOWEVER STILL ENTERED A SELL WITH MARKET EXECUTION AT THE 0.382. LETS RIDE THE TRADE ALL THE WAY DOWN TO THE TP WHICH IS THE -0.27.