NZD/USD going to 6360s?
Updated
Who can predict the future....no one! But NZD/USD is adhering to a very nice market structure. I never use fibonacci levels but I do use 50% levels to structure markets because this is what bank algorithims and most institutions use!! Notice the excellent correlation to market structure. Also NZD/USD has always shown a high positive correlation to agricultural ETFs. Agriculturals are breaking to the upside and NZD/USD would be expected to follow. If it maintains its market structure I would not be surprised to see NZD/USD reach 6360s before reversing/ pausing.
Note
Partial 25% profit taken at 6289 stops to b/eTrade closed: target reached
Closed trade at 6360. Now opened a short at 6363 as it has followed market structure so well and should re-trace from here. Stop at 6370 and will move stop to b/e once 15 pips in profit.
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