NZDUSD is in a downward channel and about to retouch the channel line once again. The RSI and MACD on the Daily chart are also aligning well and looking over bought. At this time in the market there is a lot of talk about new Dollar weakness but I do not trade on fundamentals or market talk. I hope if anything it is talk to push the price up to the channel edge quicker so I can enter the short.
I agree, I like the gap up at the end as the stochastic turns into strong o/b showing the final burst of buying energy (this is usually the sort of area where the general public buy via exuberant buying).
I'd like to see a physical candlestick signal reversal before i went short here.
nick.harrington
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tomorrow will be an interesting day on this one.
TomProTrader
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I like this setup very much now. Probably a short i'll go for with chan. bottom as pot/ target
nick.harrington
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I'm hoping it pulls back up to reload before heading down.
TomProTrader
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agreed. On the basis i'd like to see a clear touch of the top channel line.
nick.harrington
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Agreed... I shorted the up trend channel break but the real trade is yet to come. Hope we get the set up.