THE KIWI SOARS!

Tendency: Uptrend ( Bullish )
Structure: Breakout | Elliott Wave
Observation: i. Impulse wave subdivides into a potential 5 waves as price action moves into what looks like the final leg of the Motive phase.
ii. Wave 1 and 3 are completed with anticipation of Wave 5 as correction of Wave 3 is forming Wave 4.
iii. Fibonacci ratio
Wave 2 is 78.6% of wave 1
Wave 3 is approximate of 261.8% of wave 1-2
Expecting Wave 4 to retrace into 23.6%, or 38.2% of wave 3 but no more than 50%
iv. Breakout of 71.500 level insinuates a rally up making this level a potential new SUPPORT.
v. Price action above Moving Averages.
Trading plan: BUY with minimum potential profit @ 450 pips.
Risk/Reward: 1/2
Potential Duration: 5 to 15 days

** Please note that Stop Loss/risk-reward ratio is subject to individual risk appetite per trade and account size.

Watch this space or Telegram channel for updates on lower time frames as price action is been monitored.


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