FX:NZDUSD   New Zealand Dollar/U.S. Dollar
217 4 5
The NZDUSD             is unfolding in an interesting structure that is likely going to present good trading opportunities soon.

The strong move lower has been counted as a correction of larger degree for now due to the inner wave structure.
Nevertheless we can clearly spot the current consolidation. A break lower will present good selling opportunities as shown by means of the Red-Green-Red arrows. If however this current daily candle shows a strong impulse on lower time frames we should be looking for a consolidation and bullish continuation for another leg higher towards 0.68.

Updates will follow.

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It is now close to weekly broken trendline.. i expect some downmove from 1.665..

NZD/USD Long Setup with SL. 0.64 and TP. towards 0.66
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Looks good, this 'triangle' consolidation is a strong continuation pattern (which indicates bearish price action to be next)
However I agree that the structure might unfold in a more complex corrective pattern. Hence the note about the possible bullish trade depending on lower time frame structure for a possible trade within this structure.
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jhakas TimStuyts
i expect nu to remain pain for sellers in coming sessions as well.. as i see more upside in nu after some consolidation..

0.6429 is key for bulls as per weekly time frame.. only weekly close below 0.6429 will resume real downtrend move..
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I am still looking to short NZDUSD longer term based on the structure on higher time frames. However yesterday I mentioned:

'If however this current daily candle shows a strong impulse on lower time frames we should be looking for a consolidation and bullish continuation for another leg higher towards 0.68.'

The chart shows how I traded this pair bullish, original stop below consolidation and target is 0.68 minimum (R/R 4,5/1). If price consolidates before the target has been reached I will look for another break on lower time frames.
However the current stop is at Break-Even and we have a lot of US data on the agenda so I won't chase another entry. This is mainly an update to show how I adjust to the price action and where I am looking for in trading.

snapshot
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