The NZDUSD pair on the 2-hour chart is showing a promising long setup as it begins a retracement after completing a five-wave impulsive move. Currently, the pair is in a corrective phase, forming wave (a) of a potential ABC correction.
The retracement levels for wave (b) are critical to watch:
0.382 Fibonacci level: 0.60338
0.5 Fibonacci level: 0.60434
0.618 Fibonacci level: 0.60530
If the price action finds support at these levels, it could signal the continuation of the bullish trend, leading to wave (c) completion. Traders should keep an eye on these levels for potential entry points to ride the next wave up.
Next Target:
Wave (c) of the ABC correction: Aiming for the 0.858 Fibonacci level around 0.60028.
This setup offers a good risk-reward ratio for traders looking to capitalize on the bullish momentum in NZDUSD. Manage your trades wisely, and happy trading!
The retracement levels for wave (b) are critical to watch:
0.382 Fibonacci level: 0.60338
0.5 Fibonacci level: 0.60434
0.618 Fibonacci level: 0.60530
If the price action finds support at these levels, it could signal the continuation of the bullish trend, leading to wave (c) completion. Traders should keep an eye on these levels for potential entry points to ride the next wave up.
Next Target:
Wave (c) of the ABC correction: Aiming for the 0.858 Fibonacci level around 0.60028.
This setup offers a good risk-reward ratio for traders looking to capitalize on the bullish momentum in NZDUSD. Manage your trades wisely, and happy trading!
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.
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.