Good Afternoon Traders,
We are well settled into the New York session and it seems like we have had a medium day when it comes to volume in the market which is typically expected early in the week.
I am currently looking at NZD/USD on the h4 timeframe and it is showing an interesting story.
My chart may seem a tad bit busy but just bear with me as I break it down for everyone to understand.
At the time of this post, we are sitting at 0.64700 since the London open. Price clearly has lost its momentum after the push we had on Friday, this gives away the fact that we may be ready for a pullback.
I have two areas to keep an eye on for price to pull back to before we can expect the price to create a new higher high, Firstly the 0.64400 followed by the 0.64150. Now we could see price pop off our first price of 0.64700 and that is perfectly fine, I will only be interested In a deeper pullback to the untested support level of 0.64150, this would be a discounted price for me to get involved.
For now, we could look for selling opportunities but I will need to see price create a more tradable structure according to my trading plan.
We remain patient and see how price will playout for the rest of this week.
Happy trading.
We are well settled into the New York session and it seems like we have had a medium day when it comes to volume in the market which is typically expected early in the week.
I am currently looking at NZD/USD on the h4 timeframe and it is showing an interesting story.
My chart may seem a tad bit busy but just bear with me as I break it down for everyone to understand.
At the time of this post, we are sitting at 0.64700 since the London open. Price clearly has lost its momentum after the push we had on Friday, this gives away the fact that we may be ready for a pullback.
I have two areas to keep an eye on for price to pull back to before we can expect the price to create a new higher high, Firstly the 0.64400 followed by the 0.64150. Now we could see price pop off our first price of 0.64700 and that is perfectly fine, I will only be interested In a deeper pullback to the untested support level of 0.64150, this would be a discounted price for me to get involved.
For now, we could look for selling opportunities but I will need to see price create a more tradable structure according to my trading plan.
We remain patient and see how price will playout for the rest of this week.
Happy trading.