This idea is for educational and study purposes. Trade at your own risk. Past results do not guarantee future profits.
NZD/USD appears to be at the end of a flag/retracement area. I anticipate that price will rally back down towards the neckline of the head and shoulders pattern. The take profit area is a major level of support. The flag is being contained in a nice channel. If price continues in this manner I anticipate a stop loss at most the 23.6% fib level which does not pose a great deal of risk in relation to reward. If this idea is correct, approximately 100 pips can be gathered on this small run, before price makes its next move to higher levels.
NZD/USD appears to be at the end of a flag/retracement area. I anticipate that price will rally back down towards the neckline of the head and shoulders pattern. The take profit area is a major level of support. The flag is being contained in a nice channel. If price continues in this manner I anticipate a stop loss at most the 23.6% fib level which does not pose a great deal of risk in relation to reward. If this idea is correct, approximately 100 pips can be gathered on this small run, before price makes its next move to higher levels.