After the weak USD on the FOMC we seen a strong correction on NZDUSD but it seems to be pushing back up towards testing the highs. If we get there, we might just break them and then this trade idea would become invalid but if we get up close to there and then see price sell off to the 76 - 86% retracement of the previous swing up, we'd complete a gartley pattern, this would be a good buying opportunity with the stop loss just under the low of the swing (since this would invalidate the gartley pattern).
I think a take profit up near a retest of the highs is a good place to target rather than shooting for new highs. NZDUSD has hit a very strong resistance level and it would be hard to break it, it would not be such a task for it to just retest it, it would be somewhat "the norm" even if we were to ultimately see NZDUSD travelling lower over the coming weeks.
I think a take profit up near a retest of the highs is a good place to target rather than shooting for new highs. NZDUSD has hit a very strong resistance level and it would be hard to break it, it would not be such a task for it to just retest it, it would be somewhat "the norm" even if we were to ultimately see NZDUSD travelling lower over the coming weeks.