NZDUSD: ANOTHER 340 PIPS SHORT / IN CORRECTIVE PHASE NOW.

May 16, 2016

The most recent impulsive move (380 pips) was to the downside, which also broke a prior support and trend-line support. Looking for price-action to return to 0.6850/0.6900 (completing a flat correction) before continuing to the downside. This move can put a few pips on the score board, about 40-80 pips if you buy at current market but I anticipate the next impulsive larger move will be to the downside, my preferred trade if price action trades to the 0.6850/0.6900 area. However If price action breaks the 0.6710 level first, I will be selling, only sooner.

This is a 4 Hour chart so allow for the trade to manifest itself and be a patient trader...
Wait for the chart to show you something familiar because price action doesn't move in a straight line !