On the NZDUSD we are currently waiting for a completing bat pattern, however, while in short term consolidation the pair has formed another smaller bat pattern. Both correspond with the overlying trend. Targets for both patterns are set at a 0.618 retracement respectively with stop losses being placed at a 1/1 risk reward ratio respectively. Could be a good way to scale into the current downtrend that NZDUSD is in. If price reaches both stop losses it could be showing an overall price reversal.
Note
The first pattern in the top left hand corner is not part of this trade. Just a leftover drawing from late last month.Trade active
Trade closed: stop reached
On the bright side unemployment in New Zealand went down.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.