EverythingForex

ANALYSIS: NZDUSD: Pre-FOMC Special

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
2180 24 45
I'll just get to the point short & sweet. Here is what I see happening in this pair pre and post-FOMC.

WAVE COUNT
The way I'm seeing it is that the recent moves up was a wave (1) of a much bigger corrective wave (A) up. If it is, then what we should be seeing now and to come is a wave (2) down retracing that wave (1). Most likely down into the G-Zone retracement area at the minimum the .618 retrace. Right now, we are seeing the setup for that move down.

PATTERN
This pair has been a pattern party lately! The COMPLETED Crab worked to perfection and yielded +360 pips on the wave (1) move up if you had taken it! And did that with little pain on the drawdown. Now, we got a COMPLETED Bat that just recently filled and has already started to fall from it. There is also a H&S pattern that is developing as of this post.

What I am also anticipating could happen is that prices will now consolidate sideways here and form the right shoulder of the H&S pattern while waiting for the FOMC. So what I am saying that the chart is telling me is that for this pair, the FOMC will bring a drop. Up to you whether you will believe that or not but it is what the chart is telling me.


DAILY CHART
snapshot

MY TRADE PLAN
I am waiting for prices to retest that Major SR Structure overhead that was broken to the upside earlier today in what is now known to be a false break. When prices get near to retesting that structure, I will be a SELLER and will hold it through the FOMC. As for a stop, because it is to be somewhat of a BIG news announcement, there may be some whipsawing and stop hunting going on. So before the FOMC, I will be widening my stops to accommodate the swinging. But for now, when I get in a SHORT, I'll place my stops above the end of wave (1) on the chart.

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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always look forward to your analysis.

well done... keep it up...

great work
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This is playing out really nicely! Thank you! I took advice about placed a limit order around the false breakout area you identified and now I'm sitting pretty. Please keep posting on TV!
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NIce work! Better entry than even I have then! Hold on though. More downside to go.
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nzd is F uCking strong now..
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very odd strong movement in this pair the last 15 min. Curious the cause because the volume and move was abrupt.
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Dzogchen Dzogchen
Nice trade here. Watch there's also a 2618 trade setting up.
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thanks.
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what time FOMC meeting? thanks
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2PM EST. You can check the events calendar for all news related events.
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dexstriker27 EverythingForex
Thank you very much...
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