NZDUSD - Could be a Long in the Making

Falling wedge looks to be in play + bullish divergence.

Low volume day so keep your hands in your pockets, await for confirmation as price at a good resistance point structurally and on top of TL.

Note

PA broken TL as per poorly drawn squiggly line- wait for retest of same TL on opposite side followed by break of 0.708 structural resistance for long.

Note possible PA movement for bearish move similar to Wolfe Wave as per red arrows.
Patience

Trade active

Entered into a sneaky scalp long at retest of upper TL - likely to hold and convert to primary long position pending PA as it closes in on 0.712 level where there is strong structural & dynamic resistance.

Note

0.712 smashed and looks like targeting 0.72

Note

PA consolidating - usually signals a continuation of most recent moves = downwards in this case. Moved SL to entry and waiting for near term upwards break of 0.71 within consolidation zone which is a signal for upwards continuation where I will unwind half of position and hold remainder.

Trade closed manually

Taking full profit just short of 0.715 - wait and see

kiwiwalnut

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.

kiwiwalnut