There is a bullish bat for NZDUSD. Long term, price is still in a downtrend with the resistance and support of the diagonal channel being respected. However, there is a short term uptrend which is developing. I am looking to go long once there is a candle breaking and closing above the diagonal resistance of the downtrending channel. Long term profit targets are at the 38.2 (0.70749) and 61.8 (0.72131) Fibonacci retracement levels of leg AD and point A (0.74370). A conservative (long term) stop loss is placed just below point X. I plan to post specific trade setups as they become available.
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This is the specific trade setup that came to mind:
