hey traders,
We can see NZDUSD rejected the 3D downtrend which also corresponds with a nice resistance area marked in (gold) on the 4H. A good indication to a potential sell.. However we got a uptrend on the 4H what needs to be broken and retested before potentially going short.
But after the rejection of both the 3D downtrend and resistance area, not to mention being in an uptrend since 15th May - i expect this to break the trend line and head down to the 0.618 region which is also the 200 SMMA level on the daily using drop down analysis from multiple timeframes. We could also ride this down to the next support level level with a trailing stoploss.
Await price action
We can see NZDUSD rejected the 3D downtrend which also corresponds with a nice resistance area marked in (gold) on the 4H. A good indication to a potential sell.. However we got a uptrend on the 4H what needs to be broken and retested before potentially going short.
But after the rejection of both the 3D downtrend and resistance area, not to mention being in an uptrend since 15th May - i expect this to break the trend line and head down to the 0.618 region which is also the 200 SMMA level on the daily using drop down analysis from multiple timeframes. We could also ride this down to the next support level level with a trailing stoploss.
Await price action