NZDUSD : Watch Reversal Zone for Another Move Higher

NZDUSD remains bullish as long as the January 22/2019 low remains untouched. If you read the article, NZDUSD : Possible Bullish Patterns, published on December 19/2018 you will already know that we are only looking to BUY/LONG kiwi dollar. If you missed that move higher then there is another opportunity to BUY the pair on the 1 hour chart where there are clear visible bullish patterns that can be seen.  In the chart below, market patterns are used to determine where price can possibly reverse and bounce higher. The first bullish pattern (blue) triggers BUYS at the BC 0.50% Fib. retracement level and if NZDUSD extends lower it will be met by the second bullish pattern (pink) which triggers BUYS at the XA 0.886% Fib. retracement level. Traders should watch these two levels in the reversal zone (blue box) for a possible reaction bounce higher because there has been previous support/resistance price action in the past. Blue bullish pattern invalidates if price breaks below the point B low and the pink bullish pattern invalidates if price moves below the point X low. Traders will need to wait and watch how price reacts at the possible reversal/support zone (blue box) and see if the market reacts higher to any of these bullish patterns. If looking to trade NZDUSD stops should be placed at the point B low of the blue bullish pattern or for tighter stops at the point X low of the pink bullish pattern  looking for a bounce/rally higher to extend above the January 28/2019 highs. Only time will tell what NZDUSD will do but at least now you are aware of the possible area where Kiwi can bounce from.

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.

ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 50 instruments including FX majors, Gold, Silver, Copper, Oil, Natural Gas, Soybeans, Sugar ,Corn TNX and a number of Equity Indices from around the World. Our clients also have immediate... More

Disclainer: Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of experience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN elliottwave-forecast.com is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be sued and/or charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.