NZDUSD - Bullish Wave (Quick trade)

On the 30 minute chart for NZDUSD we have a bullish wolfe wave formation. Notice that the wolfe wave is completely formed and we are currently riding the wave.

Price is just above the daily pivot giving us a good placement for our stops at 0.83618 a few pips below the daily pivot ot 0.83675.

M30, NZDUSD - Bullish Wolfe Wave

We expect price to rally through to the daily resistance level of 0.8394. We also have a confirmation from Stochastics, which is pointing upwards, indicating a bullish bias.

Due to the fact that we have a long weekend coming up, it wouldn't make sense to get locked up in a trade. Thus our take profit is set to 0.83894.

This should be a quick trade and hopefully the trade should be closed before the end of business today.

The trade entry is at 0.83733. However, there could some retracements so look to go long on pull backs.

Trade Recommendation

Pending BUY Order

BUY @ 0.83769
Stop Loss 0.83618
TP1 : 0.83894
TP2: 0.8394