Market is moving to the completion of a Cypher pattern, this may lead to the retest of the trendline for continuation of the upward move, Brexit uncertainty moves exclusively sterling so if a new poll on Monday gives more votes to Brexit, market may skyrocket!
If the market extend and form a higher outside return, there is a Butterfly completion alongside a AB=CD completion at 1250. So far this pair provide us a lot of summetrical moves and maybe is going for one more.
We have consolidation between two major levels and patterncompletions exactly at those levels, so very good reasons to short or long at those levels.
There is a potential AB=CD If a retracement-retest occurs I will buy it
1) AB=CD pattern completion at 1.1960 (1st chance to short) 2) Possible BAT patttern at the same level -also a DT (2nd chance to short) 3) Break of 1st minor trend line (3rd chance to short) 4) Break and retest the mayor trend line - We are in an uptrend so maybe the pair to check the mayor trend line and continue upward Each trading setup has different rules...
A bullish gartley pattern formation, above 1.310 (strong monthly resistance level) Great opportunity to long
Either Upward or Downward there is a plan Note: this pair has a lot of symmetrical AB=CD pattern formations
It seems history is repeating it self. I consider the retest a good opportunity to short. Technical analysis: break out of trentline and retest Fundamental analysis: Yellen's hawkish tone for rate hike, Brexit uncertainty
NZD is in strong uptrend, on the other hand CAD's downtrend remain intact with the uptrend in Oil, which it seems right now is sitting to breathe. Thus the completion of the Bat pattern with the big divergence at the bottom give us the opportunite to long this pair
Short the market at 77.6055 targets at 38.2% and 61.8% of AD
Sell at 1.4318 1st target --> 1.4231 2nd target --> 1.4177
Lets trade... Another Bat pattern setup for this great pair for advanced pattern trading. Good and safe risk reward ratio Entry point at 0.6936 1st target at 0.6893 2nd target at 0.6867 Earlier NZDJPY provide us with another 93 pips (See the related idea)