NZDUSD Bearish Butterfly

Bearish Butterfly pattern on NZDUSD H1 Chart.

-B point at 0.786XA retracement
-C point at 0.500AB retracement




PRZ Zone :
-1.27XA at 0.8320
-2.00BC at 0.8310
-AB=CD at 0.8300
PRZ zone just formed above 0.8300 physiological level. I will wait until this level is tested.

UPDATE 10 Jun 2011

 Price action had reverse before this pattern is complete and had reached at the B point. Although price action had reverse i did not take this trade as i think the pattern is still not yet complete. Sometime price action will reverse before testing any PRZ level. In this condition i will leave the pair and looking at other pair.

Posted in: Bearish,Butterfly,NZDUSD