Mandeep.Singh
Short

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
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