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Short NZDUSD (Daily FX)

My picks: waiting to short NZDUSD

Expertise: Technical

Average Time Frame of Trades:

The short term NZDUSD pattern is a beautiful depiction of a free market’s fractal nature.  The decline from .6550 to .6240 was in 5 waves and the subsequent rally to .6400 was in 3 waves.  Similarly, the decline from .6400 and rally to .6345 was of the same form but at one less degree of trend.  The downside is favored against .6400 in anticipation of a break below .6150.  I do not like initiating trades on a Friday and will be on vacation next week.

Continued here:
Short NZDUSD (Daily FX)

This entry was posted on Friday, July 10th, 2009 at 8:09 am and is filed under Forex News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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