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NZD/USD – Up Trend in 4 hours chart
Wednesday, February 8, 2017 16:09
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Trend is bullish in four hours chart. Key support level is present at 0.7116 price level. In past few trading days, price has printed a possible Bullish Impulse Wave 3 pattern. Bullish Wave 3 looks completed and now price is moving down to print a Bullish Triangle or Flat pattern at Wave 4 location.
A good idea is to look for a buy trading chance and join an up trend at Wave 4 termination point. If bearish candlestick closes below 0.7116 vital support level then up trend is going to fail. In such case, I would prefer to stay out of the market and re-analyze the price action in NZD/USD currency pair.
Source: http://fxinstructor.com/blog/nzdusd-up-trend-in-4-hours-chart-2
