Price is currently confined in a descending channel or wedge on the weekly charts with multiple tests occurring on both sides of the channel making it more and more potent if a breakout occurs!
The blue lines on the main charts represent the support and resistance levels drawn from the monthly charts and as of few weeks ago the 75.000 level was respected and now...
GN measures out pattern and fibonacci wise to continue up to the 78% retrace. The pattern can become more complex so trade accordingly. But regardless of what it does, I will be expecting more upside to complete this higher time frame correction, 4 hr looks like it may just continue this week.
We had a successful trade of NZDUSD earlier this week. I believe this is another chance to short this pair. I'll state my reasons below.
First, on the Daily TF, a 3-pin pattern was formed, but I know it's not the most perfect 3-pin formation. It gives us a reversal signal.
Second, on the 4H TF, it formed mini LHs and LLs, which show a downward pressure.
Continuation of yesterday's forecast on NZDUSD, the price has retraced significantly after the completion of the 2nd wave of a bearish trend.
At this moment, the price is seen hovering near the supply zone at 0.684.
The retracement has hit a volume of 34 pips, similar to the previous wave of retracement just before the price dropped yesterday.
For a confirmation...
Very simple and straightforward forecast here.
The NZDUSD has bee ranging within a symmetrical triangle for the last 6 weeks.
Price has climbed for 3 consecutive days and in the H1 chart, the rising trendline is already seen broken below.
The price has then retraced two waves in the M15 chart after the rising trendline in the H1 chart was broken.
This setup is based on the 4H chart. The overall trend is bearish, and I expect the price action (PA) to follow through. As I labelled on the chart, an evening star formed suggesting a reversal sign. The ideal situation is that we need to see a reversal signal on the Daily chart, so it will give us a stronger bias.
If the price push up again, I'll sell this...
The kiwi has held its narrow range between the 50% fib retrace @$0.69 & $0.673 which has been a solid pivot area. Now alongside those 2 levels we have 2 moving averages. The 200 day joins the bottom of the range & the 200 week joins the top.
The key formation though is the triangle (purple dashed) so a push through the 200 day and the lower slope of the triangle...
The above presents the analysis for this trade setup.
INSTANT SELL PRICE AT AROUND 067600 LEVEL
STOP LOSS: 0.70000
TAKE PROFIT: 0.64300
SHALL THERE BE ANY UPDATES I SHALL PROVIDE THEM IN THIS THREAD. CHEERS AND GOOD LUCK
1.65000 level represents the concrete support level drawn from the Monthly charts, which has been clearly rejected and the price now aims at breaking the channel that it is confined in and close above the daily 50 EMA!
A convincing close above daily 50 EMA needs to take place, thereby giving further confluence that the price is headed towards the 1.69000...