Hello traders.
NZDUSD has some potential for upside. There are 2 options.
(1) If the daily structure is an expanding flat, it should go up and break the previous top.
(2) If the top point with the yellow flag can be the end of the daily structure. In this case, it should make a correction like the yellow arrow after down impulse and then it should keep going down.
In both cases, there is a good chance for upside. That's why I like to take a long trade. As you can see, it broke the trendline and it looks like a correction after the breakout is in the making. So, placing an entry order can be a good idea.
NZDUSD has some potential for upside. There are 2 options.
(1) If the daily structure is an expanding flat, it should go up and break the previous top.
(2) If the top point with the yellow flag can be the end of the daily structure. In this case, it should make a correction like the yellow arrow after down impulse and then it should keep going down.
In both cases, there is a good chance for upside. That's why I like to take a long trade. As you can see, it broke the trendline and it looks like a correction after the breakout is in the making. So, placing an entry order can be a good idea.
Order cancelled:
It broke the previous bottom.