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Harmonic Pattern on NZD/USD – Is the Reversal Coming?
The NZD/USD chart shows the formation of a Harmonic pattern. If confirmed, the price recently touched the D point, suggesting a potential bullish reversal after a significant bearish move from point C.
According to the TDGMA indicator, the asset is nearing an oversold region, supporting the idea of a possible short-term recovery. Additionally, point D aligns around the 0.605 level, which has acted as a resistance zone in the past.
1. Buy from Point D (Bullish Reversal)
Rationale: The Gartley pattern is one of the most reliable in terms of reversals, especially when point D coincides with strong technical support, as seen here. Moreover, the TDGMA indicator signals oversold conditions, suggesting that the market might be gearing up for a bullish reversal. The risk lies in waiting for confirmation of this reversal.
Entry: After confirming a strong bullish candle above point D.
Take Profit (TP): 0.6194
Stop Loss (SL): 0.6050 (below point D for added security)
The Gartley pattern offers a solid buy opportunity at point D with a high probability of success. The support area and oversold conditions further strengthen the reversal thesis. However, more conservative traders may wait for a test of the resistance before entering.
As always, it's essential to monitor price action, particularly on lower time frames, before take position.
According to the TDGMA indicator, the asset is nearing an oversold region, supporting the idea of a possible short-term recovery. Additionally, point D aligns around the 0.605 level, which has acted as a resistance zone in the past.
1. Buy from Point D (Bullish Reversal)
Rationale: The Gartley pattern is one of the most reliable in terms of reversals, especially when point D coincides with strong technical support, as seen here. Moreover, the TDGMA indicator signals oversold conditions, suggesting that the market might be gearing up for a bullish reversal. The risk lies in waiting for confirmation of this reversal.
Entry: After confirming a strong bullish candle above point D.
Take Profit (TP): 0.6194
Stop Loss (SL): 0.6050 (below point D for added security)
The Gartley pattern offers a solid buy opportunity at point D with a high probability of success. The support area and oversold conditions further strengthen the reversal thesis. However, more conservative traders may wait for a test of the resistance before entering.
As always, it's essential to monitor price action, particularly on lower time frames, before take position.
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