This pair is currently trading at a major support zone as seen on the monthly chart (yellow zone) and is forming a Harmonic Bat Pattern. This is a long term pattern but we are predicting the Harmonic Bat Pattern will be completed and we are looking for price action to move towards the upside from this point. FX:NZDUSD
The daily chart above puts the price action of NZDUSD from the low at 0.64252 into Elliot Wave context. The first major reason not to join the bears right now is the completed bullish 5-3 wave cycle. The advance to 0.69705 can be seen as a five-wave impulse labeled 1-2-3-4-5.
NZDUSD Bears Cannot Hide Their Weakness Much Longer
The theory states that every...
Two weeks ago, I stated market is getting ready for a buy as it entered oversold region of RSI.
This is an update for entry area to buy up, RSI bottomed at 27 reading and market hit a good support area as depicted in it's history.
Market has now retracing down to possibly form a double bottom as it often does, then a good uptrend likely to follow.
Will try a...
We are trading with the trend and currently, we are on a downward trend, a few more reasons to sell signal:
1. The nzdusd price is below the 200 moving average.
2. The indicator Ichimoku indicates continued declines.
Take profit: 0.6480