NZDUSD Trading at a Key Level - Possible Setups
I have been watching this pair for some time now and expected the completion of the 4th wave to the top of the structure on the daily time frame. This wave has completed and we now wait to see which way the price will move.
Tomorrow night at 23:00 South African time (GMT+02:00), we have the NZD interest rate decision and I believe that this will assist us with the direction of this trade. I expect to see the 5th wave complete to the downside and will wait for an entry setup in the form of a flag formation and a break thereof. If the price breaks to the upside, outside of this daily structure, I will wait for confirmation in the form of a flag and a break thereof before entry.
You can view my video analysis of this setup on my YouTube channel: youtube.com/c/lintonwhite
Tomorrow night at 23:00 South African time (GMT+02:00), we have the NZD interest rate decision and I believe that this will assist us with the direction of this trade. I expect to see the 5th wave complete to the downside and will wait for an entry setup in the form of a flag formation and a break thereof. If the price breaks to the upside, outside of this daily structure, I will wait for confirmation in the form of a flag and a break thereof before entry.
You can view my video analysis of this setup on my YouTube channel: youtube.com/c/lintonwhite
Note
We are currently still seeing consolidation at this level which is to be expected. I believe that it will still take some time before we have definitive direction on this pair. It will take some fundamental influence from either the Kiwi or the Greenback in order to get a clear direction here.At the moment it seems like a break to the upside is possible but don't be too hasty to enter that trade as you may well get caught on the wrong side should the 5th wave to the bottom of the structure take place.
You can view my video analysis of this setup on my YouTube channel: youtube.com/c/lintonwhite
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Trade closed: target reached
Target on wave 5 was achieved
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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.