NZD/USD - 1h Chart - Bat Pattern
The D leg of the Bat Pattern will complete at .6505, this area also has a cluster of Fibonacci's giving more confirmation to look long short term.
Price has now broke and closed below the the B leg support level, this should now act as resistance before a move lower.
Taking a Fibonacci of the C to D leg gives us a .382% Target 1 at .6554 which is a perfect area to take of half of our position and move stops to break even.
- Stop Loss below X
- Target 1 at .382 Retracement ( Once Target 1 is achieved, half of position taken off and SL moved to break even )
- Target 2 at .618 Retracement
The D leg of the Bat Pattern will complete at .6505, this area also has a cluster of Fibonacci's giving more confirmation to look long short term.
Price has now broke and closed below the the B leg support level, this should now act as resistance before a move lower.
Taking a Fibonacci of the C to D leg gives us a .382% Target 1 at .6554 which is a perfect area to take of half of our position and move stops to break even.
- Stop Loss below X
- Target 1 at .382 Retracement ( Once Target 1 is achieved, half of position taken off and SL moved to break even )
- Target 2 at .618 Retracement