We have a pretty distinct cup and handle in NZDUSD on the daily view, and it appears that the price broke out of the handle--no matter where you draw the top line of the handle. In other words, here, I have drawn it in the most conservative way possible and it still has broken out.
We appear a bit stretched on the 4h chart and 1h chart as well, although I admit I can see .7350 or .7360 before we actually turn around. Therefore, in terms of how to play it, you could use the aforementioned numbers as targets before we re-test the handle, which I think we will do due to the fact, as mentioned before, we appear a bit stretched on the intraday views. Therefore, due to my style, I personally won't jump in again at these levels--in fact, I should have jumped back in around .7310 but I wasn't paying enough attention--and instead I am going to wait for a little pullback, whether it ends up being a re-test of the b/o line of the handle or otherwise. That may cause me to miss out on a little run, but I like to "pick the low-hanging fruit" and this one is a bit of a reach for me at these stretched intraday levels.
We appear a bit stretched on the 4h chart and 1h chart as well, although I admit I can see .7350 or .7360 before we actually turn around. Therefore, in terms of how to play it, you could use the aforementioned numbers as targets before we re-test the handle, which I think we will do due to the fact, as mentioned before, we appear a bit stretched on the intraday views. Therefore, due to my style, I personally won't jump in again at these levels--in fact, I should have jumped back in around .7310 but I wasn't paying enough attention--and instead I am going to wait for a little pullback, whether it ends up being a re-test of the b/o line of the handle or otherwise. That may cause me to miss out on a little run, but I like to "pick the low-hanging fruit" and this one is a bit of a reach for me at these stretched intraday levels.