NZD/USD Bullish Cypher
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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.