Level to watch for a retest of resistance *Fibonacci Level*
Chart is pretty self explanatory, the level I have my eye on is the .786 Fibonacci retracement for a signal to enter short once again. Just keep in mind that we do have economic event risk for this pair, which includes the FOMC and the RBNZ Rate Decision & Statement on Wednesday.
Notes: If price signals a short entry within 8 hours of the FOMC/ RBNZ rate statement then I will not enter short in order to keep myself protected from event volatility. A break above the Daily 200 Moving Average would change my bias to "Long" on the pair vs. "Short". But until that moment happens then I remain looking for short opportunities on the pair. Also, do note the Dollar (DXY) being on the precipice of whether it will break below the years support or continue back up to test the highs. Another note, the reason I only look for short opportunities on this pair is because it is still technically in a down trend that has hit consolidation, and until we have a daily candle close above the 200 Moving Average than I remain short biased on pair. Cheers to another week in the markets =)
Notes: If price signals a short entry within 8 hours of the FOMC/ RBNZ rate statement then I will not enter short in order to keep myself protected from event volatility. A break above the Daily 200 Moving Average would change my bias to "Long" on the pair vs. "Short". But until that moment happens then I remain looking for short opportunities on the pair. Also, do note the Dollar (DXY) being on the precipice of whether it will break below the years support or continue back up to test the highs. Another note, the reason I only look for short opportunities on this pair is because it is still technically in a down trend that has hit consolidation, and until we have a daily candle close above the 200 Moving Average than I remain short biased on pair. Cheers to another week in the markets =)