Market has consolidated a little bit giving us obvious support and resistance to pay attention to.
First attempt to break the 3-touch trendline it was massively rejected, I am expecting another short term rejection possibly to the bottom support shown. This trade also lines up with the descending wedge spotted on the EURNZD, a temporary short term reversal.
Entry at .6800.
Stoplosses should be placed above the most recent high, the candle with a wick poking past the trend line.
Targeting the lower end of the same candle first, bottom support line 2nd.
Please keep in mind that medium term I am expecting NZDUSD to go higher, and then longer term towards the end of the year back down.
First attempt to break the 3-touch trendline it was massively rejected, I am expecting another short term rejection possibly to the bottom support shown. This trade also lines up with the descending wedge spotted on the EURNZD, a temporary short term reversal.
Entry at .6800.
Stoplosses should be placed above the most recent high, the candle with a wick poking past the trend line.
Targeting the lower end of the same candle first, bottom support line 2nd.
Please keep in mind that medium term I am expecting NZDUSD to go higher, and then longer term towards the end of the year back down.
Trade closed: stop reached