NZDUSD on the 4h chart is trading at the top of a bullish trend inside an ascending channel. The price after the recent impulse got rejected by the daily resistance and is now moving to the lower trendline. I expect the price to reach the confluence zone between the weekly support and the trendline before the end of this week and i will monitor the price action around that level.
How can i approach this scenario?
If the price will carry on the retracement move I will wait for the break of the confluence zone and after that, i will check for a short opportunity and set a sell order according to the Plancton's strategy rules.
––– Follow the Shrimp 🦐
Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Comment
⋅
The market is now testing a minor support, i d like to see a break of the lower confluence area