NZDUSD analysis, identified that we were in a WXY wave for wave 2.
We are currently in wave Y, which is a 3 wave move. We've seen wave A and now we're in wave B. We are showing some signs of rejection at the fib level.
Trade Idea:
- Watch for rejection of fib level
- Use confirmation on lower timeframe such as trendline break or BOS
- Enter with stops above wave B or safer stops above invalidation
- Targets: 0.6 (250pips), 0.58 (450pips)
We are currently in wave Y, which is a 3 wave move. We've seen wave A and now we're in wave B. We are showing some signs of rejection at the fib level.
Trade Idea:
- Watch for rejection of fib level
- Use confirmation on lower timeframe such as trendline break or BOS
- Enter with stops above wave B or safer stops above invalidation
- Targets: 0.6 (250pips), 0.58 (450pips)