The pair is inside a daily corrective structure which has all potential to break and soon! The result would be an impulse up with a potential of 1000-3000 pips. On the weekly we have had a huge impulse (4600 pips) up followed by a deep correction (3400 pips) down and this highly looks the bottom of the correction and if so it means another impulse up would be imminent followed by a breakout of the current daily correction show in the chart.
Note: Setup will be valid only if a break below is confirmed, any buy entries should be made after the confirmation, if the pair goes down from here there will be no trade taken and this setup will be invalid.
IMPORTANT: The setups posted here are not trade calls or signals and are intended for informative purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit thepiphunter.com and subscribe.
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weekly picture
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possibility of BO today
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jarodp42
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Great Chart! I have a similar idea and will be watching this all day because also think we could see a BO here! GL
piphunters
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thanks, good luck you too
fxfxfx
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tricky BO we had, I am still waiting for the rate cut today to see this pair flying up.. it will go up, sooner or later. I am aiming for 1.62 in the next few weeks. For now just eating my swap fees
piphunters
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I am not in yet, waiting for the setup to form, will see tonight in Asian session after rate decision
fxfxfx
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wise decision -0.25% cut didn't even scratch the surface
piphunters
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still more strength expected for NZD short term
Roncriss
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Great idea Piphunters,I also have the similar setup
piphunters
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thanks, good luck
MMooijekind
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is the body also have too brake on the h4 ?
piphunters
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several different methods out there for confirmation, you need to use one you know well and is proven