NZDUSD - Ready for 3rd Wave of Downtrend?
Updated
Continuation of yesterday's forecast on NZDUSD, the price has retraced significantly after the completion of the 2nd wave of a bearish trend.
At this moment, the price is seen hovering near the supply zone at 0.684.
The retracement has hit a volume of 34 pips, similar to the previous wave of retracement just before the price dropped yesterday.
For a confirmation that the price will continue to fall for the 3rd wave, it has to first break below 0.683.
At the same time, we should keep a close watch on the dollar which is seen quite sluggish as it attempts to rebound and climb higher.
At this moment, the price is seen hovering near the supply zone at 0.684.
The retracement has hit a volume of 34 pips, similar to the previous wave of retracement just before the price dropped yesterday.
For a confirmation that the price will continue to fall for the 3rd wave, it has to first break below 0.683.
At the same time, we should keep a close watch on the dollar which is seen quite sluggish as it attempts to rebound and climb higher.
Order cancelled
The probability of a 3rd wave has gone down a lot based on the current development.Though the reward-risk ratio seems to be good, the winning rate has dropped drastically in my opinion, thus I personally will cancel this trade.
There's always another day to trade =)
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