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.
Nzdusdsignals
NZDUSD Golden Cross on 1D = Bearish SignalPattern: Channel Up on 1D.
Signal: Bearish as the pattern is about to print a Golden Cross, which even though is traditionally bullish, it has been bearish for NZDUSD on the last 3 occasions.
Target: 0.6300 (contact on the curve).
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NZDUSD Trading PlanPattern: Channel Up on 1D.
Signal: (A) Bullish as long as the pattern's bottom line holds, (B) Bearish if it breaks.
Target: (A) 0.61000 (just below the inter-pattern Lower Highs) and (B) 0.59100, 0.58450 (Support 1 and 2 respectively).
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Latest NZDUSD signal:
NZDUSD - Buy Nowbottom of bollinger band giving a good support to price, so there will be bullish movement and price was retrace from 1 fibo level which is showing a bullish movement as well. once you hit your TP's just close the trade and don't hold for more hence NZDUSD is in down trend. but still you can adjust your SL to secure your profits.
TP's and SL is depend on you.
Note: Trade at your own risk.
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NZDUSD TRADE IDEANZDUSD - looks like short-term down (30-50 pips), then up, but let's see..
Price gets rejected from the H4 resistance level, which can send the price back to the H4 support level(s) - 0.6800, where I'll be looking for long opportunity.
If price (directly) break above the resistance level, I'll be looking to take a long above 0.6850 with 1st target 0.6900, then I'll be make my setups to wait for TP2 0.6950 (moving stops and booking some profits) and 0.7050 as a main targets.
Even I can took a small short on H4, not to make money, but for fun (pips hunting, and not for making money).
NZDUSD SELL 0.6833
SL 0.6853
TP 0.6803
NZDUSD BUY AT 0.6800 (or earlier if price get rejected before hitting 0.6800 on H4/ H1)
SL (probably) 0.6750 (I will set the SL when (if) I have clear buy on H4)
TP 0.6840
TP2 0.6880
TP3 0.6950 (main target)
NZUSD BUY ABOVE 0.6850 (if price goes directly up above the resistance)
SL BELOW the candle that breaks the 0.6850 level
TPs are the same
It's my trading plan. I will make it more clear probably on Monday around London or US open, it depends :)
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