NZD/USD Bullish Cypher Pattern

NZD/USD Bullish Cypher

The bullish Cypher pattern on NZD/USD looks to continue it's
charge upwards. Price already found enough support at the
0.6820 level, as well as bouncing of the 200 SMA. Also, price
seems to be in the process of closing above the 50 SMA
(depicted in magenta) which gives additional bullish pressure.

The small(er) trade setup could be entered when price closes
above the high of last month, which was 0.73546, thus a
close above that level would make an entry viable. The
target level would be 0.7683, which is point B of the
pattern.

The second and main trade setup is ideal for entry after
price re-tested the 0.7485/90 level(s) and closes above
at least 0.7485. Obviously as this is on the monthly time
frame, it is a good idea to scale out profits using a smaller
time frame, the same applies to adjusting your S/L along
the way.

Trade 1 (RvR ratio 2:1)
Entry: Close above 0.7355
S/L: 0.7194
T/P: 0.7683

Trade 2
Entry: Close above 0.7485 and after re-test of that level
S/L: 0.7485
T/P 1: 0.7828 (61.8% Fib retracement)
T/P 2: 0.8101 (high of projected AB=CD pattern)
or 0.8271 (78.6% Fib retracement)
T/P 3: 0.8717 (high of projected AB=CD pattern)
T/P 4: 0.8836

Happy trading