We closed the week at a key decision point in the structure of NZDUSD.
It is the lower 50% line of a Modified Schiff Pitchfork drawn using the 2000 low, 2008 high and 2009 low.
This level will either show if we consolidate/correct here OR we accelerate towards 2016/17/18 highs.
I haven't drawn in the fibs but we closed just below the 50% retracement from the 2014 high, and just above the 78.6% retracement from 2017 high.
Either way it should give good risk reward to the next parallel so keep a close eye on it.
Pivot level will basically be 0.7150, watch volume for confirmation.
NOTE: I am currently SHORT from Thursday and my stop is at BREAKEVEN but ready to take a long if momentum keeps grinding higher.
It is the lower 50% line of a Modified Schiff Pitchfork drawn using the 2000 low, 2008 high and 2009 low.
This level will either show if we consolidate/correct here OR we accelerate towards 2016/17/18 highs.
I haven't drawn in the fibs but we closed just below the 50% retracement from the 2014 high, and just above the 78.6% retracement from 2017 high.
Either way it should give good risk reward to the next parallel so keep a close eye on it.
Pivot level will basically be 0.7150, watch volume for confirmation.
NOTE: I am currently SHORT from Thursday and my stop is at BREAKEVEN but ready to take a long if momentum keeps grinding higher.
Note
Comment: FYI: Short term there are also TWO clear structures guiding price action.4HR:
2HR:
Initially looking for a break of WHITE pitchfork (PF). From there let price dictate your bias.
While in the BLUE PF respect the near and long term trends are both aiming HIGHER. I'm not 100% convinced on BLUE PF but
My initial short on Thursday was on rejection on confluent region at upper parallel of BLUE PF and median line of WHITE PF.
NOTE: on a deeper retracement I have my eye on GAP in orange that never filled as it confluent with the two major fibs and lower 75% line on long term (weekly) PF in the coming weeks. Gaps don't always fill but that looks interesting...
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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.