tupaitrader
Long

NZDUSD head and shoulder

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
i found bullish head and shoulder pattern on nzdusd             .

my wave count on higher degree shows that the wave are in wave 2 correction.while in smaller degree of wave.the
double zigzag correction was completed.the price failed to find its lower low and break it previous high make my justification on the trend reversal.

the head and shoulder pattern strengthened my decision on the trend reversal.while the rsi divergence also make the strong confluence on the trend reversal.

buy at the retracement level of support area at 0.6605 will be good idea.target profit will be on the resistance area of 0.6880.stop loss i put few pips lower than the previous low. i use 1 to 2 risk to reward ratio for this entry.

good luck!!happy forex trading!!



disclaimer
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this forex trading idea was published for the purpose of study only. all the risk taking are at your own responsibility.
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