Talking Points:
We were tracking to see correction complete on or above .7200 area before downtrend. But this might not be a straight line. This can be played with two scenario.
Scenario 1: where we might see upside on wave (c) and can be target on area zone of 7060, 7152 and 7234. If we reach those area in corrective channel we might mark correction close. But, in case of not, scenario 2 can be played.
Scenario 2: which should point more upside and suggest complex correction and target towards 7500 area zone. We are putting less confident count on this as NZD fundamental are not strong as suggested. But this count too be considerable before marking any correction completed.
Where we are?
We initiated trade last week with this pair at price 6738 and after that, we suggested our client to move their stop loss to 6710, risking only 28 pips and now targeting 7060 as initial target. We move our stoploss higher once first objective met and book 50% of position and leave another 50% for more gain
- NZDUSD Technical Strategy: Temporary Bullish
- Elliottwave Count: Wave C is still due
We were tracking to see correction complete on or above .7200 area before downtrend. But this might not be a straight line. This can be played with two scenario.
Scenario 1: where we might see upside on wave (c) and can be target on area zone of 7060, 7152 and 7234. If we reach those area in corrective channel we might mark correction close. But, in case of not, scenario 2 can be played.
Scenario 2: which should point more upside and suggest complex correction and target towards 7500 area zone. We are putting less confident count on this as NZD fundamental are not strong as suggested. But this count too be considerable before marking any correction completed.
Where we are?
We initiated trade last week with this pair at price 6738 and after that, we suggested our client to move their stop loss to 6710, risking only 28 pips and now targeting 7060 as initial target. We move our stoploss higher once first objective met and book 50% of position and leave another 50% for more gain
-- By Hoagtrading.com (Twitter: @Hoagtrading)
