NZDUSD Weekly
This market IMO is bullish with a strong rally up at the beginning 2023, we have seen a deep retracement for the past ten months that halt around the 61.8 fib in October. (not on chart to keep the chart somewhat clean). The red trendline represents the weekly trendline (WTL) that was recently broken.
Daily
Dropping down to daily chart price broke the most recent daily high around (0.62220). We when get a break of a previous high our expectations would be to see a pullback before more upside movement. We will wait for that pullback, then look for entry reasons according to our strategy as well as further confirmation before entering. However, according to our trading plan we are trading with the trend in this market. We are looking to target the 0.64000 area, as we can see there are equal highs there. A break of that area then we will look to target the 0.65000. Our Stop loss is based on 4HR structure levels but will be tweaked as we scale into this trade (swing trade).
Trade Well, Not Often.
This market IMO is bullish with a strong rally up at the beginning 2023, we have seen a deep retracement for the past ten months that halt around the 61.8 fib in October. (not on chart to keep the chart somewhat clean). The red trendline represents the weekly trendline (WTL) that was recently broken.
Daily
Dropping down to daily chart price broke the most recent daily high around (0.62220). We when get a break of a previous high our expectations would be to see a pullback before more upside movement. We will wait for that pullback, then look for entry reasons according to our strategy as well as further confirmation before entering. However, according to our trading plan we are trading with the trend in this market. We are looking to target the 0.64000 area, as we can see there are equal highs there. A break of that area then we will look to target the 0.65000. Our Stop loss is based on 4HR structure levels but will be tweaked as we scale into this trade (swing trade).
Trade Well, Not Often.