I bought NZD/USD at 0.6182
SL: 0.6160
TP1: 0.6260
NZDUSD Chart Technical Outlook The pair broke out of the bullish channel formation to the downside. We have seen an impulsive move lower. Elliott Wave analysis suggests we have completed a bearish 5-wave count. The 261.8% extension level is located at 0.6165. This suggests the next move is higher. Overnight price action has resulted in a breakout of the ending wedge formation to the upside. This is a common ending pattern for the 5th wave. The measured move target for this formation is 0.6209. We have an open point of control from Aug 30 at 0.6260. Buying at the market offers ample risk-reward.
