NZD/USD 30 min Bull Trap and Daily Bearish Flag

Short

New Zealand Dollar / U.S. Dollar (FX:NZDUSD)

Updated

FX:NZDUSD New Zealand Dollar / U.S. Dollar

fakeout breakout parallelchannel bearishflag daily 30min

Looks we have a potential Bull Trap on the 30min. Over all the trend has turned bearish, making lower lows and lower highs. There is even a Bearish Flag on the Daily chart. I'm looking for price to breakout of the channel past resistance at .6760's and the .382 fib back to .6794. There is a 1.618 inversion that lines up with the .618 retracement. There is also a big fat juicy red candle that opened at this area; also a fresh supply zone for you S&D traders. To add we have the .6800 even handle a few pips away for added resistance. I'm looking to get short at.6794 with my stop at .6818. My first target is at .6760, where the potential breakout starts and a follow up target at .6710. Good luck trading out there.

Comment:

Price hit target one.

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