NZDUSD wave count | 2 trade opportunities
Updated
Wave count on NZDUSD setting us up with two potential trade opportunities.
On the daily chart we can see price carrying out an overall A-B-C correction, with Wave-C currently playing out.
Scaling down we can also see a smaller 5-wave structure forming within this C-Wave.
We've got 2 potential trade opportunities:
Trade 1 - Short-term Buy: Long trades could be taken if price finds support at the .382 fib level. This trade would follow wave-5 to the top for profit targets around the 1.618 fib extension level.
Trade 2 - Long-term Sell: Short trades would be taken upon the completion of the A-B-C correction, following bearish continuation with profit targets at 0.66000 & 0.64000. Extended targets would be identified upon the completion of Wave-C.
Updates will be posted as the trade plays out.
On the daily chart we can see price carrying out an overall A-B-C correction, with Wave-C currently playing out.
Scaling down we can also see a smaller 5-wave structure forming within this C-Wave.
We've got 2 potential trade opportunities:
Trade 1 - Short-term Buy: Long trades could be taken if price finds support at the .382 fib level. This trade would follow wave-5 to the top for profit targets around the 1.618 fib extension level.
Trade 2 - Long-term Sell: Short trades would be taken upon the completion of the A-B-C correction, following bearish continuation with profit targets at 0.66000 & 0.64000. Extended targets would be identified upon the completion of Wave-C.
Updates will be posted as the trade plays out.
Note
Price has passed the .382 fib retracement level. Next place to start looking for long entries is the .50 fib level @0.68235Order cancelled
Price never reacted at the .382 & .50 fib retracement levels. Trade not activated
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