Bullish Cypher pattern for NZD/USD. Beware though, price has yet to reach point X of the Gartley pattern preceding the current Cypher pattern,
and with price near point X (0.6818) I would be cautios entering a long trade for now.
A safe entry tactic would be to wait for price to close above the 10SMA (blue line), which is currently roughly above point B of
the Cypher pattern.
Target 1 Conservative: 0.6928 (61.8% Fibo retracement)
Target 1 Aggressive: 0.6950 (point A)
Target 2: 0.6979
Place stops either below 0.6877, or below 0.6845.
Just be patient, and wait for a signal to go long and keep an on DXY which is oversold currently on the 4 hour time frame.
Happy trading
and with price near point X (0.6818) I would be cautios entering a long trade for now.
A safe entry tactic would be to wait for price to close above the 10SMA (blue line), which is currently roughly above point B of
the Cypher pattern.
Target 1 Conservative: 0.6928 (61.8% Fibo retracement)
Target 1 Aggressive: 0.6950 (point A)
Target 2: 0.6979
Place stops either below 0.6877, or below 0.6845.
Just be patient, and wait for a signal to go long and keep an on DXY which is oversold currently on the 4 hour time frame.
Happy trading