NZD/USD - Bearish Continuation

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
66 0 6
Great time to short this pair for the following reasons:

1) Looking at the bigger picture first, we have rejected the 0.73500 level numerous times on the weekly chart, this area is holding as strong resistance and has caused a reversal in trend.
2) The weekly price has been forming lower highs and lows with a huge bearish engulfing candle 3 weeks ago. This was followed up by a bearish marubozu candle which broke our long term weekly trend line as well as key support.
3) On the daily chart , we've touched another area of support at 0.69780 and pulled back to restest weekly trend line as well as previous support now turned resistance.
5) This restest has formed a daily bearish shooting star with a nice long upper wick showing selling pressure, a good sign for reversal.
6) Both weekly and daily EMAs/MAs are in alignment.
7) On the 4 hour, we've broken our short term counter trend line and now expecting a move to 0.69800s.

I think we can go lower after breaking the target area all the way down to 0.66800s.
Trade closed: stop reached
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out