AMITDANGI

STRUCTURE BASED SELL OPPORTUNITY ON NZD/USD

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
NZD-USD HAS BEEN ON BULLISH RUN SINCE 8 NOVEMBER, 2019 ON DAILY CHART. CURRENCY PAIR FORMS 3 CANDLE BAR REVERSAL FORMATION (LOWER LOW LOWER CLOSE CANDLE FOLLOWING DOJI CANDLE ON 31ST DEC, 2019) AROUND PREVIOUS STRUCTURE RESISTANCE LEVEL OF 0.6800 LEVEL. RSI WAS ALSO OVER BOUGHT LEVEL AT THAT 3 BAR REVERSAL ZONE. WE MISS THE SELL OPPORTUNITY TODAY ON THE BASE OF 3 CANDLE BAR REVERSAL FORMATION MENTIONED ABOVE. STILL WE ARE LOOKING TO ENTER SHORT TRADE ON THE BASE OF DOUBLE TOP FORMATION AROUND SAME AREA. WITH TARGET OF 0.382 RETRACEMENT OF MOST RECENT UP SWING AND 1 ATR BASED STOP LOSS ABOVE MOST RECENT STRUCTURE HIGH. WHICH GIVES US RISK REWARD RATIO OF 1 V/S 1.25
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