NZDCHF | Perspective for the new week | Follow-upIt has been a good ride since my last publication (see link below for reference purposes) has price cruised 180pips in our direction and it appears we shall be looking forward to Higher Highs in the coming week(s) as the structure continues to support a Bullish run.
Tendency: Uptrend ( Bullish )
Structure: Reversal pattern | Supply & Demand | Double Top | Breakout
Observation: i. I noticed that Fr0.64200 has served as either a Supply or Demand level in the last 30 days and this makes it an area to focus on in the coming week as price finally comes back after the Breakout (Retest).
ii. Since the Breakout (@Fr0.64200) that happened during the first week of February 2021, the price has been going through a corrective phase.
iii. Our duty at this juncture in the market is to seek the expiration of the correction and find a Demand level to join the rally.
iv. Last week saw price form what looks like a Double Bottom; However, I shall be patient to seek confirmation as the price might decline to find 61.8/78.6% retracement of Leg AB (@Fr0.63900) before the rally begins.
v. As we can see, we might be looking forward to the completion of a harmonic pattern (AB = CD) in the coming week(s) as Buyers gain momentum.
vi. And for the cautious traders :) - a Breakout/Retest of Neckline @ Fr0.64500 might be a good signal for you... smiles.
Trading plan: BUY confirmation with a minimum potential profit of 130 pips.
Risk/Reward : 1:5
Potential Duration: 5 to 12 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
