NZD/USD: Bearish Outlook and Entry Strategy
Resistance Level:
NZD/USD faces a crucial resistance level, signaling a possible reversal.
Harmonic Pattern:
The formation of the XABCD harmonic pattern reinforces bearish sentiment.
Anticipated Movement:
A downward trajectory is expected, indicating a shift from bullish to bearish.
Entry Strategy:
Short position suggested upon breach of 4-hour lower high, entry near 0.60150.
Risk Management:
Set stop-loss at 0.60500 to mitigate potential losses.
Take Profit Levels:
TP-1: 0.59774, TP-2: 0.59400, TP-3: 0.59035.
In summary, NZD/USD is poised for a downward movement, with entry and exit strategies outlined for traders' consideration.
NZD/USD faces a crucial resistance level, signaling a possible reversal.
Harmonic Pattern:
The formation of the XABCD harmonic pattern reinforces bearish sentiment.
Anticipated Movement:
A downward trajectory is expected, indicating a shift from bullish to bearish.
Entry Strategy:
Short position suggested upon breach of 4-hour lower high, entry near 0.60150.
Risk Management:
Set stop-loss at 0.60500 to mitigate potential losses.
Take Profit Levels:
TP-1: 0.59774, TP-2: 0.59400, TP-3: 0.59035.
In summary, NZD/USD is poised for a downward movement, with entry and exit strategies outlined for traders' consideration.
Trade closed: stop reached