NZDUSD | WEEKLY FORECASTWith over 120pips in our direction since my last publication (see link below for reference purpose); Despite facing the action of Bearish pressure mid-week, it appears price is actually going through correction of Breakout (Impulse Leg AB) to continue the rally to complete a Harmonic move in the coming week(s).
Tendency: Uptrend ( Bullish )
Structure: Harmonic (AB = CD)
Observation: i. Breakout of my Key Level @ 0.66000 supports my Bullish bias as I anticipate a AB = CD Harmonic pattern in the nearest future.
ii. ABCD pattern expectations:
a. Impulse A-to-B expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move.
Trading plan: BUY confirmation with a minimum potential profit of 110 pips.
Risk/Reward: 1:2.5
Potential Duration: 2 to 5 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
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.
