NZDUSD: Interesting contrarian point of view
I'm looking at NZDUSD as a potentially long trade, why I decided to chart the inverse pair, USDNZD to change the perspective a bit.
What I see is a potential large short* opportunity (*in USDNZD), if the profile balance point proves to be a reversal level, and the distribution becomes a normal one, forming a bell curve shape. (respective to the time spent at price profile, a technique I learned from Tim West).
The rate cut formed a very wild outside bar, which isn't clearly bullish, yet it happened at a very volatile juncture, inside a 10 bar mode.
The shape of the pattern is looking like an expanding triangle, but I'm not sure of the EW specifics.
For the time being, I'll watch this pair for short trade setups, and will update the thread if I see a good opportunity.
Cheers,
Ivan.
What I see is a potential large short* opportunity (*in USDNZD), if the profile balance point proves to be a reversal level, and the distribution becomes a normal one, forming a bell curve shape. (respective to the time spent at price profile, a technique I learned from Tim West).
The rate cut formed a very wild outside bar, which isn't clearly bullish, yet it happened at a very volatile juncture, inside a 10 bar mode.
The shape of the pattern is looking like an expanding triangle, but I'm not sure of the EW specifics.
For the time being, I'll watch this pair for short trade setups, and will update the thread if I see a good opportunity.
Cheers,
Ivan.
