Technician
Short

#NZDUSD Short term Forecast: Hit Hot Resistance | #forex

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
2778 26 40
Update(March 5): First target reached, moved stop loss to break-even.
Update(March 9): Full target reached.

I have been publishing multiple forecasts for the past few days, the price indeed reached my targeted resistance area at the 50-days SMA and 0.7620 before forming a bearish pin bar , which suggest a potential setback and resumption of the overall bear trend. For previous analysis check the related links below..

I already placed my limit sell order at 0.7575 level.

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Good luck, keep your stops tight..
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Technician
https://thefxchannel.com
Now, it broke neck line of Double bottom formation. I go long for this one.
Reply
I like to wait for a retest and confirmation candle
+1 Reply
Thanks Technician. I just noticed that rising trend line on 4H chart. This can give is a good long opportunity if we see a retracement. . There is possible Gartley on daily chart too
Reply
Update, Full target reached.
+2 Reply
ArtC Technician
hi technician..
Reply
ArtC ArtC
upss... missed the rest of the message ...
What do you think about the possibility of correcting up to 0.74300 / 0.74400 and continue to "fall" to the minimum this year (03 / February)
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MuathAlBulbul Technician
Technician, can you please tell me how to subscribe to your paid analysis and insights? Thanks :)
Reply
Mates, price is retracing after touching first target, a good level to watch is near 0.7500, broken support that may act as a near term resistance. If i see a pin bar there i would add again to my short.(Remember, that according to my rules, i closed half position at first target)
-1 Reply
Technician PRO Technician
snapshot
Reply
The first target achieved.Nice idea mate.
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