NZDUSD - Bears have made their move - time to wait
Greetings Fellow Traders,
2016 has been off to quite the volatile start. Hopefully this bearish strength has not caught anyone off guard. At .66000 my NZDUSD trades were closed - I mentioned in 2 other posts we were aiming for the .6590 area as this is the key technical level that matters to the market.
What next? Patience! Now is the time to not be overly ambitious and get into a trade on NZDUSD unless you are a true very low time frame scalper. If you're like me, you enjoy your hobbies, get some work done, something not in a NZDUSD trade. Bears clearly have control of the market on the higher time frames (daily chart shown below) however bulls stepped in at an expected level (or maybe some bears just left, like myself taking profit). From here in order to stay bearish we are looking for a break of the solid blue line, a confirmed break. This means a daily close, it's possible for a weekly close as well.
In either case, once the level has been confirmed to be broken, wait for retest and join in on the trend continuation.
Look for consolidation over the next 24 hours, if it forms a decent pattern you can look into trading that as well!
Feel free to like/comment/follow or add me on telegram.
2016 has been off to quite the volatile start. Hopefully this bearish strength has not caught anyone off guard. At .66000 my NZDUSD trades were closed - I mentioned in 2 other posts we were aiming for the .6590 area as this is the key technical level that matters to the market.
What next? Patience! Now is the time to not be overly ambitious and get into a trade on NZDUSD unless you are a true very low time frame scalper. If you're like me, you enjoy your hobbies, get some work done, something not in a NZDUSD trade. Bears clearly have control of the market on the higher time frames (daily chart shown below) however bulls stepped in at an expected level (or maybe some bears just left, like myself taking profit). From here in order to stay bearish we are looking for a break of the solid blue line, a confirmed break. This means a daily close, it's possible for a weekly close as well.
In either case, once the level has been confirmed to be broken, wait for retest and join in on the trend continuation.
Look for consolidation over the next 24 hours, if it forms a decent pattern you can look into trading that as well!
Feel free to like/comment/follow or add me on telegram.
