Looks set for a retrace before moving up within the wedge. Looking for signals for an upwards break.
May see a slow grind down with long weekend in US and will keep this on radar
May see a slow grind down with long weekend in US and will keep this on radar
Note
May not be enough upward momentum to break upper TL yet - could be a small double top on 1 hr / 30 min for move to bottom TL
Note
close up of possible double top:Note
Wait for retest of bottom TL and if it holds will enter long
Trade active
Took decent pips down and now using half profit earned for aggressive entry into long with stop below recent structural support
Note
Lets hope that this is a false break of the TL - hence why above was an aggressive entry. If PA holds at current level ( 1.042 ish ) then upwards move more likelyNote
Bears first attempt to take 1.04 support and bulls holding - 1.04 break will clear way for one more push down.
Suspect that wedge is no longer valid but wait and see in the coming days
Trade closed manually
Need a re look after John Key's resignation -
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.