For Friday we recommend a BUY/CALL on NZDUSD with an entry price of 0.7726 for 1 unit with an 19.05 GMT expiry. NZDUSD touches 2nd Fibonacci Envelope so there is a good possibilty to rebound from this level to the 1st Envelope.
This contracting triangle looks to be poised to break to the upside but given the higher time frame it is not the reasoninig for this intraday buying calls setup....instead, if you are measuring the 50% retracement from the longest wave of the triangle than you should see it is coming around the 130 level.......so this is both pivotal and support, and taking into...
Double three running potential here and looking for a possible end of month runnup as we are with the second correction at almost the same levels as with the first one, so looking for a nice bounce from this area..........usually such a setup is followed by an aggressive move higher, most of the times an extended third wave....it remains to be seen
Buying puts for end of day expiration as contracting triangles, even daily ones like the one here, have the tendency to end around the 50% level and that would be well below current levels........taking into account the falling trend line of the triangle and the fact that the fixing is still to come, shorting the pair seems the only logical thing to do
Looking for this move to the donwside to be rather corrective (most likely a zigzag, with possible c=a so far), and looking at the structure on the higher time frames, looking like a possible double three running.