This pair is currently in a channel formation, and we are expecting a sell as soon as the upper channel trendline become broken. However, overall trend is upwards trending
I took a nap earlier today and missed this opportunity to enter at the last daily close. I will still enter with smaller size because the possible R:R is looking bad with that trendline (R:R of slightly above 1) (I never take trades below that) and the Weekly kijun and Tenkan are both Pointing Down.
Buy at the second bounce at inclined support.
This pair has a c very complex structure.
But after completing 3-major wave consolidation finally it is ready to move further to the up-side.
With support level for leg 4 now completed, support level for leg 2 is on the way.
Bearish move will terminate at major support level.
Looks like price is making lower lows and lower highs wedging into the neckline of the head and shoulders pattern we are in. Looking for a break of the neck to signify the swing is in affect and will be thinking about shorts this week. If the last high/right shoulder is broken then we might test the head again and push through up to 1.618 fib of last weeks bull ...
This pair went all the way down nicely to the support area and the indecision candle formed at the end of the week. This area has been tested several times before, but NZD/USD is in major uptrend right now, plus, the bottom wicks and the placement of indecision candle (the Friday one) are indicating that Bulls're taking control, so I'll aim for opening long ...
We have NZD/USD coming from a Double Top at .73174, leaving clue to a continuation down to the downside after pullback.
We're set up with a bullish Cypher to signify a pull back long to a projected area of .72250.
Upon reaching this area we will be in a prime location to find reason of entry to short a large Head & Shoulders pattern, holding until the full ...
For last many months ( almost a year now! ) New Zealand Dollar is exhibiting the similar pattern. Whenever it looks like NZD/USD is going to drop hard, it pops up right back and starts going up. In our last post we mentioned that NZD/USD has gone too far too fast and it is natural for a currency to pullback but that doesn't mean that we should start shorting it ...
Sorry if the chart is a little bit vague, please do not hesitate to ask any question you may have.
I believe during this week, we would heat target 2.
Please set your TP and SL for target one for now and I will update once we got closer.
Cheers,
Masih
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