“Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find a way around or through it. If nothing within you stays rigid, outward things will disclose themselves. "
- 0.76000 has acted as resistance
- Small bearish PA at the time of this writing
- Wave 2 is coming
- 2.272 Fib confluence with multiple technical tools around the 0.73500 Handle
- However there could still be an ABC corrective pattern forming
Levels to Watch
- 0.76000 PSY
- 0.75000 PSY
- 0.73500 PSY
- PA making a wedge formation
- Resistance around 0.382 ( 0.75863 ) Area
- Bearish movement probable
- Break below 0.236 (0.75496 ) would open the door to test the psychological 0.75000 Level
0.75862 - 0.382
0.75500 - Psychological
0.75000 - Pyschological
- Current bearish PA has reacted at support at the psychological 0.75000 level
- Bearish price action is signaling a change in trend that coincides with WAVE E in the Elliot Wave pattern depicted in this chart.
- RSI is not oversold yet; so bearish trend is still valid
- Waiting for a much larger and faster WAVE 2
- This wave will most likely...
Bias for bullish direction
- Possible ABC trend continuation
- Daily Bullish rising wedge pattern due to make new highs
- Completion of bullish cypher pattern
- Break below orange 0.382 Fib would show more correction to the 0.382 Larger timeframe fib
In my previous post i thought price action would reverse at the powerful 6.18 fib
now it seems that price must show some bullish direction after hitting the 786
any movement below the green support szone would make my analysis invalid.
If i get stopped out thats fine, decent risk to reward if price goes in my direction
- Bull Run seems exhausted
- Candlesticks aren't as strong
- If recent price action fails to make a new high than we might see some corrective structure
- Price action could only form a small flag and still push to make new highs past 0.5 Fib
- Counter Trend, so trading this is risky.
- Price action already showing bullish direction
- Pair has hit 0.786 fib retracement of 1-2 Inpulse leg
- NZD has still maintained a bullish bias
- 0.382 / 0.618 confluence of both impulse and corrective legs
- Possible ABC pattern forming
- Bears need to take a breath and enjoy some profits
- After huge USD strength, time for a...