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talenttrader

Short Term (Daily) Bearish play for NZDUSD!!!

Short
New Zealand Dollar / U.S. Dollar (OANDA:NZDUSD)  
talenttrader Updated   
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Support and Resistance Fibonacci Chart Patterns NZDUSD short fx Forex trading signals Technical Analysis finance dollar
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supportandresistance fibonacci chartpattern nzdusd short fx forex trading signals technicalanalysis finance dollar
NZDUSD
  • Short Term trade idea for NZDUSD
    Sell at 0.73250 for a drop towards 0.71340 towards 0.69590
    Stop loss at 0.74620

    Reason For Short
    Market close to and pulled back below descending channel resistance.
    Market currently below 0.73250. This is the 23% Fibo retracement level. A close below this level will strengthen the bearish play for a drop towards 0.71340 which is the 61.8% retracement of the whole move.
    RSI currently also shows some slight divergence and also some room for downside.
Trade closed manually:
I believe the correction is over. Divergence on RSI is no longer. Cancelled my trade on this and managed to break even with no loss
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