As discussed previously the EURNZD is in the process of testing pivotal weekly trend line support in this update we review the trading opportunity from this test
NZDJPY has continued its wave 3 advance and is now testing pivotal trend line resistance as this contains, look for a follow through below yesterdays low to set up a wave 4 correction to the 80 handle from above as this area supports watch for bullish reversal patterns to set long positions for the wave 5 upside extension
The corrective cycle in GBPAUD: yesterdays reversal came from a potentially pivotal support zone, follow through today above yesterdays highs should see long positions rewarded
USDZAR has made a key reversal from the HVN and trend line support and continues to carve out a potentially significant inverse head and shoulders pattern
In this update we review the continuing corrective cycle in the EURUSD and where the next high probability trading opportunity may develop to add to long positions. Stops on 1.16 longs are now at entry and risk free.
The Nasdaq correction completed at the target zone highlighted in the last update the bullish reversal triggered on the 6th of October is now running over 500points in profits in this update we discuss trade management options
The Dax corrective pattern has played out nicely hitting the first upside objective of the descending trend line resistance +300 points, longs can take off half here and move stops to entry to play for a break of the descending trend line and look for a retest of prior cycle highs
CADJPY appears to be carving out a wave 3 high, bulls will be watching for a three wave correction to ideally test trend line support towards 90.30 to re-engage on the long side to target a 5=1 93.50 upside objective
