This pair will break out of the current channel and will head to 1.66. This move will hinge on the RBNZ dovish stance tomorrow. That's a "highly likely" event, I mean, a dovish RBNZ. EUR has seen sufficient decline in the last two days and if "Merkel debacle" is not moving it much lower, then it is signaling a move higher. So, even though I see USD strengthening,...
Commodity currencies, esp, AUD & NZD are showing potential Gartley patterns when paired with USD and JPY, on daily charts. We have already seen AUDJPY, NZDUSD, AUDUSD etc. Now, here I see the same pattern forming in NZDJPY. Of course, much of the move has already happened, as the pair descended from 82.60 (BC leg of the XABCD pattern) to 80.30. But I still see...
I just love these Gartley Harmonic patterns, XABCD. They are just so clear. NZD/USD had a massive first leg of this pattern XA, nearly 600 pips and then the next two legs of the pattern (AB & BC) seem to have completed, beautifully. Now, a potential 78.6% retracement of first leg XA, in the form of last leg CD, should be the logical next move, if the harmonics...
I see a potential Gartley pattern forming here. I think the pair has seen the top recently at 89.41 or something like that.
This could drive the pair to the CD leg of the pattern to a low of 84, almost 300+ pips in the next 4 weeks. This is a potentially a high probability trade if the following conditions prevail in the month of September:
1. September...