NZDUSD Jaunary 2017: Bear will take 6950 low.
Talking Point:
Technical Strategy: Bearish
Elliottwave View: Bear count confirmed
Analysis
From our last December's analysis on NZDUSD (New Zealand dollar vs US dollar), nothing much changed. We are on bear trend count and able to break and trade outside corrective channel. From last analysis and trade signal on which we earned +138 pips from shorting this pair @ 0.7035 and booked profit @ 0.6897 on cautious trade during holiday season. Same time, we were expected bounce from channel support which can be counted as a sub wave 4 or sub wave 2 of wave 3 of larger downtrend wave. During our today's review on count, we are on very much sync from our last analysis. We got a bounce and had a nice "Dark Cloud Cover" candlestick pattern. This pattern is also sync with our elliott wave view. This is good position to decide on trade and it's strategy to enter and exit from trade position.
Action
We re-initiated our short position with 0.6990 level and targeting below 0.6800.
Technical Strategy: Bearish
Elliottwave View: Bear count confirmed
Analysis
From our last December's analysis on NZDUSD (New Zealand dollar vs US dollar), nothing much changed. We are on bear trend count and able to break and trade outside corrective channel. From last analysis and trade signal on which we earned +138 pips from shorting this pair @ 0.7035 and booked profit @ 0.6897 on cautious trade during holiday season. Same time, we were expected bounce from channel support which can be counted as a sub wave 4 or sub wave 2 of wave 3 of larger downtrend wave. During our today's review on count, we are on very much sync from our last analysis. We got a bounce and had a nice "Dark Cloud Cover" candlestick pattern. This pattern is also sync with our elliott wave view. This is good position to decide on trade and it's strategy to enter and exit from trade position.
Action
We re-initiated our short position with 0.6990 level and targeting below 0.6800.
-- By Hoagtrading.com (Twitter: @Hoagtrading)
