Good evening traders,
The NZD has been on a monster rally over the past month.
Looking across multiple pairs, the NZDCAD and NZDUSD are setting up very similar scenarios.
We can see a nice 5 wave structure higher with a trend line support in play.
We are waiting for a breakdown from the trend line support to enter a short position on the pair, expecting an ABC corrective structure.
Stop losses will need to go above the most recent swing high.
Any thoughts our comments are welcome.
The NZD has been on a monster rally over the past month.
Looking across multiple pairs, the NZDCAD and NZDUSD are setting up very similar scenarios.
We can see a nice 5 wave structure higher with a trend line support in play.
We are waiting for a breakdown from the trend line support to enter a short position on the pair, expecting an ABC corrective structure.
Stop losses will need to go above the most recent swing high.
Any thoughts our comments are welcome.
Note
We have seen a breakdown from the trend line and a lower high has formed suggesting a bearish reversal could be on the cards.
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Disclaimer
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.