In correlation with my last post, for the same fundamental reasons, I have also shorted the NZDUSD.
On the technical side, the pair has reached the top of a channel and formed a bearish Shark. I already managed to get an entry at 0.729 after price hit the D point during the announcement of the US Fed decision rate last week. As always for a shark pattern: TP level is 50% of the final wave, with a minimum 2:1 risk. In this case it's 2.32:1.
5-o Ratios
B:1.13-1.618
C:1.618-2.24
D:50%
On the technical side, the pair has reached the top of a channel and formed a bearish Shark. I already managed to get an entry at 0.729 after price hit the D point during the announcement of the US Fed decision rate last week. As always for a shark pattern: TP level is 50% of the final wave, with a minimum 2:1 risk. In this case it's 2.32:1.
5-o Ratios
B:1.13-1.618
C:1.618-2.24
D:50%
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Here is a look at the larger picture- the descending channel on the daily time frame, where price has made a lower and is now looking to drop.
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