NZDUSD-BUY (CUP AND HANDLE)

Cup and handle formations are one of the rare high probability setups. We have a handle forming here and we will buy dips as the handle forms. I do not go in full position but add on each dip as the handle might not be fully formed. Target for a cup and handle formation is the range of the cup from the top of the cup which in this case coincides with the daily 200 moving average and a trend line dating back to mid 2014.