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NZDUSD: WRMB fractals seen on the Weekly and Daily Charts

A pattern within a pattern is what is usually used to describe fractals. In NZDUSD, you can also see this happening as well.

WRMB forming on the Weekly charts

NZDUSD shows a possible WRMB of previous 2 years

NZDUSD shows a possible WRMB of previous 2 years

  • Currently price has closed below previous year high and is assaulting the support of the high of year 2012.
  • On the Daily charts, price has already closed below these two year highs (2013 & 2012), a close on the WK charts will reinforce this and give affirmation to the WRMB.

Same WRMB pattern showing up on D1 charts

WRMB of previous months is approaching

WRMB of previous months is approaching

  • On the D1 charts, we see a similar pattern emerging with price perched at support.
  • If price can close below the support zone, it would have done a WRMB of 5 months high.
Trading the WRMB of NZDUSD

Trading the WRMB of NZDUSD

  • As this trade is on the D1 charts the SL would be large, one way is to fine tune the entry.
  • Upon a close below the support zone (around 8420-30), look for any retracement to re-test the support zone turned resistance. This retracement is to be in the form of a 1234 pattern for entry

Added by Binni Ong

It is important for a D1 close below 8420-30. If this is achieved, then NZDUSD has a high chance to confirm the 1234 labelled below in chart. Next level S is 8300.

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nzdusd big 1234

 

 

 

Last time, many things that I wanted were just dreams, now I see them as possibilities. I’m looking forward to own pent-house suite in Manhattan overlooking Central Park because forex trading with Tflow® makes it possible. Find me on Google+

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