From a technical point of view, another bullish leg is possible on intraday chart. If this does not happen, it means that the structure in play is corrective (ABC Pattern). Two potential Targets: The first is the return to the previous Top, the second around 0.6280 area. Stop with wave 1 failure.
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💡 Our idea starts by looking at 5' chart: from a technical point of view, we saw a strong bearish leg after FED announcement, but at the same time it didn't form a bearish impulse structure (1-2-3-4-5) but instead it formed a sequence of ABC Patterns, developing a corrective structure ABCDE, understand? A "corrective structure"! ...and this means that trend is on the opposite side, therefore bullish! ...that's all. Of course all of this could be just a dream and could be completely wrong, but that's trading!
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Trade closed: target reached
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TARGET 1 HIT
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Next week will be the "key moment" for NZD/USD pair (bullish consolidation or complete failure). Technically speaking, the pair is not very attractive in long term, on the contrary, on hourly chart we can clearly follow the next swing. We have just published an exclusive update for our supporters on our Blog, and if the conditions are right, we will publish some updates here during the next week as well. Have a nice weekend! ❤