Please refer to the chart. Due to the end of the week, the market will be closed soon, please use a small size for this trade or just leave it till next week.
Air New Zealand stock was down to the year low due to COVID 19, recently it pumped up as the lockdown is nearly finished, we expect the economy will start to regain and back to the previous high.
NG is at a perfect spot to buy! This is a long-term trade which requires 1~2 year to be formed. If you want to enter this trade please consider your over-night fee.
We expect ZXY to fall as to follow its channel, if ZXY breaks the major resistance then all the ZXY pairs could be bullish.
Let's test the 4th wave of reversal wedge, it could go straight down to break the small trendline to our target. We need to move the SL to the entry once it reaches the trendline, as we do not expect it to form the 5th wave.
Please refer to the chart. Aussie just broke the previous major trendline, we expect Aussie could break the major resistance eventually after consolidation, it could be rejected by the major resistance as well, see how the pattern goes next week. It probably a good spot to buy.
As this pair is lack of information, we can only read the rough pattern on the daily chart. As it currently positions in the major resistance area, it will be a high chance to drop again. I also have seen the previous impulse was powerful, I expected that it keeps bouncing in the area and breaks the trendline to over the historic high. Anyway, a small drop is...
The reversal wedge is formed, a nice spot for sell.
Might be a good chance for scalping. Overbought and rejected on the trendline, we take out at the retracement FIB 0.5 strong support area.
This is a scalping setup, high probability trade. We set the first target at 0.618 retracement.
We have 2 scenarios that with great risk/reward ratio. If you missed or hit the SL at scenario 1 please be patient for waiting for scenario 2.
It is a good time to enter this downside continuation. The price has tested to around 0.5 FIB ratio and rejected by the previous resistance.
There is a good chance to let us try, we could use a small size trade for testing the top of the trendline because of the risk and reward ratio is worth. We can also see this is the 3rd wave of the pennant which means the trendline could be broken as well, therefore, this scenario is risky and good risk management should be considered.
Scenario 1 - We take the trade at 0.618 retest point with major resistance. Scenario 2 - We may consider taking the trade at the previous trendline.