Break of Daily trendline
Bearish Trend continuation signal in H4
Elliot Wave Wave 5 started in H4 time frame. Cannot show due to restrictions on account.
Our target - is TP1 1.9840 TP 2 -1.9419
Trade Closed. SL HIT - It seems it was a false signal and one more leg down remains on this pair
I believe that NZD USD will be long from here because:
NZD USD is in a 7 year support zone.
Bulish RSI divergence
Completion of Wave 5
With current candle registering higher low and rebounding from the 38.3 Fibonacci Level and as per Elliot wave analysis this could possibly be a Wave 3 which would at least hit 1.51943 in the medum term.
In the long term, this could go up-to Fibonacci expansion level of 100% at 1.63988.
Please note: The analysis that I make are for my own journal. Please do...
As per the elliot wave analysis, this pair is on a B Wave correction to the upside. Following that we will see a rally all the way down possibly towards parity in the long term.
I am still learning this wave analysis so any comments or feedback would be greatly appreciated.