FXDAH

NZDUSD retracement to support channel

Short
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
NZD had a strong end to the week but having said that it is still obeying structure and the daily wicks have been rejected really nicely within the ascending channel at key resistance levels where it seems we have formed 4 consecutive tops in and around this level, and by extension I am expecting a fifth to form with a small retracement down to the channel bottom early next week.

On the grander scale, it seems we have a long bearish flag / pennant formed giving further confirmation to this analysis with a move to the downside expected. This trade gives a desirable risk reward ratio as we can have a tight stop just above resistance and then either have the TP aggressively set just to the bottom of the Chanel or lower still if we expect the channel to be broke.