NZDCAD Short: Bat + Gartley + 2 Channels + Larger TF Triangle
Updated
NZDCAD is forming a tight PRZ at which two potential harmonic patterns are tightly confluent. This area is also confluent with point 5 in an ascending channel and potential point 4 of a descending channel. Also, an AB=CD pattern, inherent to the completion of Gartley's, is confluent in this same area. On the higher TF, this move could mark the continuation down from the rebound at point E of the expanding triangle. Since there has already been a 50% retrace from point E, there is a potential to ride this move down to the completion of a bullish bat pattern which is where I've placed the target.
Confluence in the PRZ:
Remember to assess your risk and be mindful of news events. The RBZ rate statement will be announced in under an hour!
Confluence in the PRZ:
- Bearish butterfly completion
- Bearish Gartley completion
- AB=CD
- Ascending channel resistance
- Descending channel resistance
- Larger TF expanding triangle
- Larger TF potential bullish bat
Remember to assess your risk and be mindful of news events. The RBZ rate statement will be announced in under an hour!
Order cancelled
No trade on account of RBNZ rate volatility
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