NZDUSD Technical Analysis
On December 17/2019 EWF clients/members were advised that NZDUSD would bounce/rally higher. We use blue boxes to advise clients of potential reversal areas. In the chart below there is a clear Elliott Wave bullish impulse wave forming and we showed our clients the wave (4) termination in the blue box. Our clients were expecting a move higher.
NZDUSD 1 Hour Chart December 17/2019
StockTwits/Twitter December 19/2019 : After NZDUSD did a clear bounce off the blue box it confirmed a low was in and the wave (4) termination. I posted on social media the BUY trade setup with stop loss at the wave (4) low.
NZDUSD 1 Hour Chart : The chart below shows a bullish triangle breakout pattern which also added more signs that NZDUSD would rally higher. December 26/2019 both TP1 (1:2 RR) and TP2 (1:3 RR) targets were hit from the Support/Resistance Zone December 19/2019 entry.
NZDUSD 1 Hour Chart : The pair continued to rally higher strongly. December 27/2019 TP4 (1:5 RR) target HIT for +125 pips. The trade risk was 25 pips. Hope you caught the move higher.
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 ***
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