NZDUSD The coming weeks
As its a new Week I have been reviewing the weekly chart to get a better idea of the overall move.
On the lower time frames my Initial thoughts were short but looking here I think we could see a rise.
Short term I do think we may see a retest of 0.70000 area the fib retracement on the most recent Daily impulse leg up gives us a 618 at one of my weekly key levels of 0.68745, this is the area id be looking for Bullish signs to buy, we could see a move before this but this would give the best RR.
Longer term we have got a Bullish Flag pattern forming on the Weekly chart. Using the Fib inversion on the recent pull back it gives us the 1.618 up at previous structure, the fib extension also gives us a 1.27 at this area, one last bit of confluence is the fib retracement on the big impulse leg down gives us a 618 at this same level.
would use the lower time frames for entry and would be watching the 0.73000 level for possible resistance.
On the lower time frames my Initial thoughts were short but looking here I think we could see a rise.
Short term I do think we may see a retest of 0.70000 area the fib retracement on the most recent Daily impulse leg up gives us a 618 at one of my weekly key levels of 0.68745, this is the area id be looking for Bullish signs to buy, we could see a move before this but this would give the best RR.
Longer term we have got a Bullish Flag pattern forming on the Weekly chart. Using the Fib inversion on the recent pull back it gives us the 1.618 up at previous structure, the fib extension also gives us a 1.27 at this area, one last bit of confluence is the fib retracement on the big impulse leg down gives us a 618 at this same level.
would use the lower time frames for entry and would be watching the 0.73000 level for possible resistance.
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