NZD/USD - Bullish Bat Type-II Retest
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Traders I hope you're having a good week so far, today I'm bringing you a trading opportunity on the daily timeframe for NZD/USD.
We're looking at a bullish bat type-II retest as the initial reversal in the PRZ was short lived. I believe once we can confirm this reversal it'll go the full way.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
XA Retracement: 0.886
We're looking at a 2.0 AB=CD, 2.24 BC and 0.886 XA in the PRZ for this particular setup, all ratios have been confirmed and awaiting the "Terminal Price Bar" to close.
This setup is extremely similar to my previous post covering NZD/CHF which is shown below.
Thank you for your support!
We're looking at a bullish bat type-II retest as the initial reversal in the PRZ was short lived. I believe once we can confirm this reversal it'll go the full way.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
XA Retracement: 0.886
We're looking at a 2.0 AB=CD, 2.24 BC and 0.886 XA in the PRZ for this particular setup, all ratios have been confirmed and awaiting the "Terminal Price Bar" to close.
This setup is extremely similar to my previous post covering NZD/CHF which is shown below.
Thank you for your support!
Nota
The 4h chart is showing a lot of similarities between the previous M type structure and the current.Both formed parallel channels from A - B - C which was broken by the move towards the PRZ.
The initial test of both potential reversal zones was short-lived.
My main focus right now is the support zone near 0.68500. We'll see how price develops over the next few trading days.
Nota
Apologies for the updates, the chart is below.Nota
Nota
Reversal took place during the early hours of Friday after price formed a doji candle on the daily indicating indecision at a key area. I'm currently waiting to see a pullback before going long.
We can see price has pulled back to the 0.382 retracement level, we'll monitor this level for a reversal.
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