NZDUSD
Peace be Upon You and Good Day,
Please do correct me if i am wrong. Really appreciate your comments on the trading plan.
There are 2 zones that needs to be checked if theres any indication whether the price will be bearish or otherwise.
1st zone would be at 0.70760 - 0.71024 (marked with the red arrow)
2nd zone would be at 0.71024- 0.73284 (marked with the red arrow)
Supporting Analysis
1. Weekly has made a divergence beforehand as an indicator the price will be bearish.
2. Now weekly has made a convergence, which means the rallying price is a correction move. Reaching the first zone. If it breaks the zone, lets wait at the 2nd zone for the sell position.
3. Daily has not shown any sign of the price would be bearish.
4. H4: Divergence of AO will appear at either of the 2 zones as a confirmation for bearish move. Candle break (engulfing) for the fibonacci retracement zones will also needs to appear at either of the 2 zones as a confirmation for the bearish move.
5. Elliot wave 3 and 5 is has appeared at weekly. Now the correction move, ABC is in progress. Wave B at either 2 zones should be completed soon enough. Wave C is the bearish move of the pricing.
Take Profit Area: 0.66917 - 0.65900
SHORT TERM: BUY till either at the 2 zones
MID TERM: SELL till the take profit area
LONG TERM: TBA
Trade at your own risk and have a great day!
Please do share your thoughts.
Cheers!