NZDUSD - Sell Setup at Key Resistance Level

Mar 5

NZDUSD is approaching a key resistance zone, marked by previous strong price rejections. This area has consistently acted as a turning point, suggesting the potential for another bearish reaction if sellers step in.

If the price shows clear signs of rejection from this resistance zone, I anticipate a move downward toward the 0.56980 level, which serves as a logical target for this setup. Conversely, a clean breakout above the resistance zone could signal a potential bullish continuation.

Traders should monitor for bearish confirmation signals, such as bearish engulfing candles, long upper wicks rejecting the resistance, or increased selling volume before considering short positions. Let me know your thoughts or any additional insights you might have!

Mar 7

Trade active

Mar 10

Trade closed: target reached

Take Profit Reached