Hello; and thank you for your time & effort to read this. I have spent a good hour reading different timeframes & one thing to notice is that NZDUSD has reached a very, very strong resistance zone; which makes it more likely for price to reject said price rather than break through to the upside.
Another thing to notice is price has reached the top of a very commonly known flag pattern - rising wedge. When a bearish reversal is formed at the top of the flag, price is more than likely to reject off the top, and eventually break through the pattern to the downside once it gains enough momentum; causing for multiple take profit zones.
Please note I am not a financial advisor; and this is just a mere speculation. If you decide to open a position, use risk management & use parameters. Happy Sunday; and enjoy your week.
Another thing to notice is price has reached the top of a very commonly known flag pattern - rising wedge. When a bearish reversal is formed at the top of the flag, price is more than likely to reject off the top, and eventually break through the pattern to the downside once it gains enough momentum; causing for multiple take profit zones.
Please note I am not a financial advisor; and this is just a mere speculation. If you decide to open a position, use risk management & use parameters. Happy Sunday; and enjoy your week.
Trade closed: stop reached