The FX_IDC:NZDUSD chart has formed 2 bullish cypher patterns on the hourly chart.
The first purple bullish cypher has been completed where the D leg of the pattern was at a horizontal support line and the price action is moving towards the targets for that at 0.7258 post which the price action should reverse and come down to complete the CD leg of the Yellow cypher.
The yellow Cypher will stay valid as long as the price does not go above the C leg before coming down to complete the D leg.
Entry for the yellow cypher will be at 0.72074
Target will be 0.72491 Stop at 0.71711
Comment
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Price action spiked up to hit Purple Cypher target and is mostly looking to make a move down to complete the D leg of the Yellow Cypher
Order cancelled
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Price has gone above C, invalidating the Yellow Cypher Pattern.