💱 NZDUSD - Head and shoulders. Bear potential Short

New Zealand Dollar/U.S. DollarFXCM

Description

⋅ Oct 12, 2023 9:42 AM

NZDUSD is forming a false breakout and reversal pattern. There is an opportunity for a decline to 0.59000

TA on high timeframe:
1) False breakout of global range resistance
2) The market considers liquidity in the area of 0.59600 as a target

TA on low timeframe:
1) A false breakdown in the "head and shoulders" format is formed
2) Price starts realization of the pattern after breaking its base
3) I am waiting for a fall to 0.5985 and 0.59600.

Key support📉: 0.5985
Key resistance📈: 0.60000

Comments

Gold-Tech

⋅ Oct 12, 2023 9:42 AM

Hi! Do u agree with me? Share your opinion ;)

SpartaBTC

⋅ Oct 12, 2023 3:05 PM

@Gold-Tech, A head and shoulders pattern is formed. I think there will be a breakdown of the neck level and a very rapid price drop.

dalilradji

⋅ Oct 13, 2023 8:14 AM

@Gold-Tech if you give it a bird-eye view from the Weekly time frame, we have a clear Bear flag, on Daily it gave Double top or M pattern, on 4h/1h time frame we have the H&S pattern. It's clearly going to the downside.. Keep up the good work! (Confluence upon confluence = High probability trade ).

JoeChampion

⋅ Oct 13, 2023 12:36 PM

Nice work, i agree on USD strength over commodities!

Setupsfx_

⋅ Oct 12, 2023 10:00 PM

Amazing

P_S_trade

⋅ Oct 12, 2023 6:52 PM

Perfect work

TheGrove

⋅ Oct 12, 2023 2:50 PM

Beautiful setup!

LegionQ8

⋅ Oct 12, 2023 2:03 PM

thx buddy, agree with your opinion about NZDUSD

RLinda

⋅ Oct 12, 2023 1:24 PM

Pretty detailed analysis. Thanks for your work, colleague!

FirstNameHelen

⋅ Oct 12, 2023 1:23 PM

Thank you for this NZDUSD idea! Have a big potential