NZDUSD Jaunary 2017: New Year will be bad for NZDUSDTalking Point:
Technical Strategy: Bearish
Elliottwave View: Bear count confirmed
Analysis
From our last December's analysis on NZDUSD (New Zealand dollar vs US dollar), nothing much changed. We are on bear trend count and able to break and trade outside corrective channel. From last analysis and trade signal on which we earned +138 pips from shorting this pair @ 0.7035 and booked profit @ 0.6897 on cautious trade during holiday season. Same time, we were expected bounce from channel support which can be counted as a sub wave 4. During our today's review on count, we are on very much sync from our last analysis. We got a bounce and had a nice "Dark Cloud Cover" candlestick pattern. This pattern is also sync with our elliott wave view as wave 4 is terminated before wave 1 terminated (i.e. @ 6994). In elliottwave, wave 1 and wave 4 should not be overlap. Considering this facts, we know our risk level and long term view. This is good position to decide on trade and it's strategy to enter and exit from trade position.
Action
We re-initiated our short position with 0.69944 level and targeting below 0.6800.
-- By Hoagtrading.com (@hoagtrading)
