Hi guys, what I'm looking for in NZDUSD is that of bearish trend continuation. As we have seen strong bearish momentum recently within this pair to which price action made a new structure low (NSL) at .6540's.
I believe that following the short term bullish relief we have seen from .6540's that as price action has now retraced into the most recent area of consolidation and levels of structure in the market at .65911 - .6622's, that we might see selling pressure being to enter this market once again due to it being an area of interest for sellers in the market.
I will then be looking to get short within the identified kill zone at .65911 - .6622's, as RSI has gone massively OB and so I will be looking for price action to print a valid LLLC candlestick and if fulfilled, I will short next bar entry in anticipation for one final retest of the lows down at .6540's.
However, if I do not see my rules fulfilled and buying pressure continues to increase and violates structure resistance OR) up at .6622's then this will invalidate my analysis for bearish TC.
Trade with confidence,
Henri.
I believe that following the short term bullish relief we have seen from .6540's that as price action has now retraced into the most recent area of consolidation and levels of structure in the market at .65911 - .6622's, that we might see selling pressure being to enter this market once again due to it being an area of interest for sellers in the market.
I will then be looking to get short within the identified kill zone at .65911 - .6622's, as RSI has gone massively OB and so I will be looking for price action to print a valid LLLC candlestick and if fulfilled, I will short next bar entry in anticipation for one final retest of the lows down at .6540's.
However, if I do not see my rules fulfilled and buying pressure continues to increase and violates structure resistance OR) up at .6622's then this will invalidate my analysis for bearish TC.
Trade with confidence,
Henri.