TradingView
Phils_Ocean
Feb 16, 2020 6:09 PM

NZDUSD Wave Analysis - Breakout Long

New Zealand Dollar/U.S. DollarFXCM

Description

Please support this idea with a LIKE if you find it helpful :)

NZDUSD made a deep correction on daily tf. Market found support and made 5 wave impulsive move to the upside.

Since then price is correcting below falling trendline and forming a wedge pattern.
Watch for breakout and maybe retest of this descending trendline before opening a long position.


This is no investment advice. For educational purpose only.


Comments
supram
You hit the spot on this assessment as 0.618 is a crucial retracement level for wave 2 correction on a wave 1 after a five waves impulsive move
More