Price is currently at a point of confluence. Ascending trendline it broke out of is holding as resistance, along with the blue descending trendline holding the channel resistance. I'm LT long on NU, however i think we have a down move here before the up. So, if we look at how price has developed, we can see sharp down moves. The first 2 down moves took 8 days to find a low before the move back up. Target level of around .7000 based on the trendlines, means we only have around 6 days to get there. Considering what's happened, that's a possibility. Also, we have big news coming out for NZD this week. Now, this would mean it's 2 days less than the previous moves, but that would make sense because we're looking for a higher low, and a move up. If we look at this last leg up as wave 1, then wave 2 can be found at the 88.6% level. This also coincides with a lot of other trendlines which makes this level a high confluence level for where we can go long.
Comment:
Be careful of the pull back for a double top. We should see a down move after.
Comment:
Long from here is OK.
Trade closed: target reached