Analysis of NZD/USD Momentum and Potential Correction
Updated
In recent market activity, NZD/USD has undergone a notable momentum surge. However, a correction appears warranted to facilitate a subsequent upward market surge. The observed formation of a lower high structure and the current positioning within a robust supply zone emphasize the likelihood of an impending corrective phase.
Trade Advisory:
Given the counter-trend nature of this trade, it is imperative to exercise caution and implement prudent risk management strategies. Overextending positions is discouraged, and a keen focus on risk mitigation is strongly advised.
Trade Plan:
Entry Point: 0.6155
Stop Loss (SL): 0.619
Take Profit (TP): 0.609
The identified lower high structure suggests a temporary deviation from the prevailing momentum, potentially signaling a retracement before resuming the upward trajectory. As the pair is currently situated in a formidable supply zone, anticipating a correction aligns with a strategic approach to market dynamics.
Market participants are reminded to manage their risk judiciously, considering the counter-trend nature of the trade. It's crucial not to overstay in the market, emphasizing the need for disciplined and well-calibrated trading decisions.
Trade Advisory:
Given the counter-trend nature of this trade, it is imperative to exercise caution and implement prudent risk management strategies. Overextending positions is discouraged, and a keen focus on risk mitigation is strongly advised.
Trade Plan:
Entry Point: 0.6155
Stop Loss (SL): 0.619
Take Profit (TP): 0.609
The identified lower high structure suggests a temporary deviation from the prevailing momentum, potentially signaling a retracement before resuming the upward trajectory. As the pair is currently situated in a formidable supply zone, anticipating a correction aligns with a strategic approach to market dynamics.
Market participants are reminded to manage their risk judiciously, considering the counter-trend nature of the trade. It's crucial not to overstay in the market, emphasizing the need for disciplined and well-calibrated trading decisions.
Note
Trade closed manually. no longer validTrade active
Trade active again with market priceTrade closed: stop reached
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.