See my plan below:
Situation: NZDUSD is consolidating after bearish trend line break. I expect it to continue to fall but it needs to break .6715 support. While i expect continued bearish price action, this downside move looks to be a longer term pullback. Looking at the 1W, this is shorter term bearish movement (pull back) in a longer term bullish movement. Thus, expect continuation up in the long term. A strong move above .6870 without a .6715 support break would indicate move higher to at least next resistance point (recent highs) and possibly higher.
1W:
My plan:
- Look for sell opportunity if break .6715 support
- If .6715 holds Sell ~.6807-.6840 w/ SL ~.6870 (play range trade but watch for break of support to continue short side trade)
- Look for long opportunity is break above .6870
Situation: NZDUSD is consolidating after bearish trend line break. I expect it to continue to fall but it needs to break .6715 support. While i expect continued bearish price action, this downside move looks to be a longer term pullback. Looking at the 1W, this is shorter term bearish movement (pull back) in a longer term bullish movement. Thus, expect continuation up in the long term. A strong move above .6870 without a .6715 support break would indicate move higher to at least next resistance point (recent highs) and possibly higher.
1W:
My plan:
- Look for sell opportunity if break .6715 support
- If .6715 holds Sell ~.6807-.6840 w/ SL ~.6870 (play range trade but watch for break of support to continue short side trade)
- Look for long opportunity is break above .6870