NZDUSD Technical Analysis 5.25.2018
NZDUSD at the current moment looks to be in a 3 swing move lower (Daily chart) starting from the July 27/2017 highs. Expect price to continue lower and break below the November 17/2017 lows. If breaks lower, the next level of interest where NZDUSD can find support and possibly reverse and bounce higher can be seen at the 0.6690 – 0.6470 area. There are two clear bullish patterns that can possibly trigger BUYS in this area. In the Daily chart below first orange bullish pattern triggers BUYS at the XA 1.13% Fib.retracement level (0.6694) where the pair can find bulls waiting. Second blue bullish AB=CD pattern triggers BUYS at the 1.0% Fib. Extension level (0.6658) where the pair too can find bulls and push price higher. Orange bullish pattern is invalid if price moves below 0.6515 and the blue AB=CD bullish pattern invalidates if price moves below 0.6470. As long as price stays above these invalidation levels it is possible that NZDUSD will reverse higher.
NZDUSD Daily Chart May 25/2018
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
At Elliottwave-Forecast we cover 76 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trial
Back