NZDUSD week starting 17/12/2018
This is my idea of NZDUSD for the next 1/2 weeks. Looking at a zoomed out chart, you can see a cup and handle pattern, indicating more bullish movement is to be seen.
This idea is based on the Elliot wave, with the impulse wave formed off a reversal, and the corrective wave now coming into play. It is my view that the correction wave has 1) already been completed (red arrows) or 2) still has to fill out (orange arrows).
Either way, both possibilities to me indicate a long position opportunity. Looking to take a trade on a bounce off the support zone, with an SL set underneath the zone (~40pips) and TPs set at all fib levels above 0.5 (this level would be around 1.5:1 RR for this trade). Long term target is 1.618 fib level.
Entry criteria:
This idea is based on the Elliot wave, with the impulse wave formed off a reversal, and the corrective wave now coming into play. It is my view that the correction wave has 1) already been completed (red arrows) or 2) still has to fill out (orange arrows).
Either way, both possibilities to me indicate a long position opportunity. Looking to take a trade on a bounce off the support zone, with an SL set underneath the zone (~40pips) and TPs set at all fib levels above 0.5 (this level would be around 1.5:1 RR for this trade). Long term target is 1.618 fib level.
Entry criteria:
- Rejection off support zone.
- Bullish candle pattern above/inside support zone.
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