This is a swing trade setup. Cable is moving closer to retest previous broken trend line, and a bullish harmonic pattern is forming. It depends on one’s risk tolerance, I prefer to build entry near trend line. Still watching for now. I expect some reactions at the trend line retest.
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A bearish harmonic setup is observed while NZDUSD is retesting the broken trend line. Bias remains short for now.
Here is another potential swing trade setup I have been looking at. $AUDNZD is testing the established down trend line, and with completion of bearish ABCD formation. I expect price to face resistance at this level. I’ll be watching price action closely next week to confirm my thought.
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EURGBP pulls back to the previously broken down trend line, and also complete a bullish harmonic formation. This presents a potential long opportunity with first target around 0.8880.
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I maintain my short bias of $NZDUSD for now after the established uptrend line was broken earlier this month. The broken trend line was retested and acted as resistance. I have been making some daytrades for the past couple of days. However, for the bigger picture, I am now looking at a potential swing trade, should Kiwi dollar retrace above 86 cents. More aggressive entry for this setup is around 85 cents, well, it depends on one’s risk appetite. For the purpose of this post I will stick to above 86 cents.
Around 8630, I expect $NZDUSD to meet resistance, and, if you are into the Fibo numbers, it is also 76.4% retracement. This would give me a potential ‘C’ point of my planned ABCD formation. Although this will see price trade above the previous broken uptrend line again, I am trying to ride the selling momentum here. Again, 85 cents is also a valid ‘C’ entry of ABCD formation if one decides to go aggressive.
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I am watching AUDUSD during Asian session. I thought we might have some interesting setups forming soon. Let’s see.
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