Why are we entering? - The bearish fibonacci target of -0.27 of the last bearish move ends at our reversal zone of 1.3 - Expecting NZD weakness - We are within a descending channel which is often a reversal pattern - Bigger timeframe parallel ABC correction
What is our confirmation? - rejection of -0.27 fibonacci - Rejection of 1.3 level - Break of descending trendline - Break of descending channel
Entry - SAFE Entry: Bounce off 1.3 and then break of descending channel - Risk Entry: Bounce off 1.3 and break of descending trendline
Once entered, where will our Stoploss be? - below 1.026
Where do we take profits? First TP: 1.06 (300pips) Second TP: 1.08 (500pips)