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Nzdusdforecast

NZDUSD Elliott Wave Analysis: Ready For Recovery?Hello Traders, In this analysis, we will have a look at NZDUSD -0.63% on the 1-hour chart. NZDUSD -0.63% short-term Elliott Wave view suggests that the bounce to 0.7060 high ended intermediate wave (4). Down from there, the decline is unfolding as Impulse Elliott Wave structure where sub-division of the Minute wave ((i)), ((iii)) & ((v)) are unfolding in 5 waves within a lesser degree cycle. On the other hand, the corrective Minute degree wave ((ii)) & ((iv)) should unfold in any 3 wave corrective sequence, such as zigzag, double three, flats. Down from 0.7060 high, the pair ended the first leg lower in 5 waves at 0.6991 low in Minute wave ((i)). Minute wave ((ii)) ended at 0.7053, Minute wave ((iii)) ended at 0.6918 low in another 5 waves. Up from there, the bounce to 0.6955 high ended Minute wave ((iv)). Below from there, another 5 waves structure can be completed soon in Minute wave ((v)) of 1. The pair has already reached the minimum target in the blue box, thus cycle from 0.7060 high is mature. Once Minor wave 1 is complete, the pair should bounce in Minor wave 2 in 3, 7 or 11 swings before the decline resumes, provided the pivot at 0.70609 high stays intact. We don’t like buying the pair in the proposed bounce.
by Elliottwave-Forecast
LONG NZDUSD to 0.71200 and higher targetLooking to take a long on NZDUSD and hold it for possibly longer than a week given the time of year and the distance it has to travel. Entry: 0.70105 SL: 0.69792 TP: 0.71395 I will look to take something off of my position with 20 pips in profit and let the rest of the position run. Stop-loss will be moved the breakeven once 50 pips in profit. There is a chance that I missed the trade, if that is the case, then I will find another entry point since the profit objective is fare enough away. I will add updates as the trade progresses.
Long
by WaterTree
NZDUSD - Weekly UpdateRecent price action: Bearish Pattern: Head and shoulders Long-term momentum: Bullish/ranging Short-term momentum: Bearish Bias: Short Action: Need a break of neckline on head and shoulders pattern to indicate further movement to the downside. Comments: Price is moving exactly how I forecasted when the right shoulder was forming. High chance of getting a bounce back to the upside once weekly support it hit. Price has not been able to get below this level since April 2016.
Short
by tradingwithyg
NZDUSD - Monthly UpdateRecent price action: Bearish Pattern: Head and shoulders/Rising wedge Long-term momentum: Bullish/ranging Short-term momentum: Bearish Bias: Short Action: Already in a short sell. Signal was based on daily time frame. Will need a close below trend support and weekly support to confirm further movement to the downside. Weekly support will also function as the neckline for the head and shoulders pattern. Comments: Price is moving exactly how I forecasted when the right shoulder was forming. High chance of getting a bounce back to the upside once weekly support it hit. Price has not been able to get below this level since April 2016.
Short
by tradingwithyg
NZDUSD - Daily UpdateRecent price action: Bullish Pattern: Rising wedge Long-term momentum: Ranging Short-term momentum: Bearish Bias: Short Action: Already entered a short position for this pair; however, I would like to see a break and hold of short-term trend support on the daily chart. Do not add any more positions until price confirms movement to the downside. Comments: Major slow down in price. SImilar to what is happening with DXY. Most U.S. pairs are reaching weekly S/R. Hopefully, the dollar can push through and majors will follow.
Short
by tradingwithyg