Hi Traders! NZDUSD forecast update and follow up is here. On November 10th I shared this “NZDUSD Buy Idea Based On Multi-timeframe Analysis” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea:
NZDUSD H4(4 Hours) Chart Current Scenario
On the H4 chart the price action followed my analysis exactly as I expected it to. The price was holding above the strong support zone and it moved higher further delivering around 120 pips move so far.
On the H1 chart we had a correction in the form of a triangle pattern, the price which was moving inside this pattern reached the bottom of it and bounced higher form this zone. The price then broke above the top of this pattern which we may consider as a fact provided by the market supporting the bullish view. And then it moved higher further and provided a nice move to the upside.
Currently, on the H1 chart, we have a bearish divergence in play based on the MACD indicator. This is something that we need to pay attention to. So if you are still involved in the buys then this is a good place to consider managing your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).
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So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions.
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To your success,
Vladimir Ribakov
Certified Financial Technician
