On a bigger picture look, we see that price has done a WR of a previous year high.
Price has done a WR of 2013’s 52 week high
- With price above a crucial level of a 52 week high, we would be more inclined to buy.
D1 shows 1234 Buy pattern
1234 pattern in D1 with price at F6
- On the D1 charts, the previous bullish expansion in March fits the criteria of a Big Move.
- At the moment, a 1234 pattern is clearly visible with point 4 supported by previous D1 box high.
- Price has since completed a WR trigger and is now currently resisted by the F6 level of (pt1 to pt4).
Looking at H4, a Big Move might be formed.
Characteristics of a Big Move can be seen forming on NZDJPY
- On H4, we can see price has expanded above many many weeks of highs and lows.
- If price can close high this week, any 1234 pattern would enable us a trade to capitalise on this Big Move strategy.
- Next immediate Resistance could be the zone formed by the highs of March and May 2014