NZDUSD (S) Waiting for setup - Directional Idea
This pair has very nice higher time frames. Looking to take this short, technical line up, additional confluence is my DXY bias, posted earlier today.
There is no setup here yet that fits my strategy, still waiting for development at this point.
Monthly and weekly chart show price rejected strong downward sloping trendline and also retesting previous support as resistance at 0.6500
The daily is still in a range, today we're back at the top of the range
On the LTF, we can see price decelerating at the previous 4 hr highs.
The 1 hr chart is also being held by the steep upward sloping trendline.
As for targets, atm I'd be looking at targeting the daily 50 ema, then possibly with bearish momentum, push lower to fib ext. levels.
Will provide further updates as this pair plays out. For now I favour a short bias from the levels mentioned above.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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There is no setup here yet that fits my strategy, still waiting for development at this point.
Monthly and weekly chart show price rejected strong downward sloping trendline and also retesting previous support as resistance at 0.6500
The daily is still in a range, today we're back at the top of the range
On the LTF, we can see price decelerating at the previous 4 hr highs.
The 1 hr chart is also being held by the steep upward sloping trendline.
As for targets, atm I'd be looking at targeting the daily 50 ema, then possibly with bearish momentum, push lower to fib ext. levels.
Will provide further updates as this pair plays out. For now I favour a short bias from the levels mentioned above.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Comment:
Comment:
NU pulled up a bit higher than I expected.
We ended up retesting 0.657 to retest as resistance. (view daily chart)
Not a very big fan of the 4 hr chart. But I like what a see on the 1 hr chart, HTF resistance being rejected, break of trendline, break of 1 hr 50 ema. Looking for price to pullback and then a move to daily 50 ema + fib ext. levels.
We ended up retesting 0.657 to retest as resistance. (view daily chart)
Not a very big fan of the 4 hr chart. But I like what a see on the 1 hr chart, HTF resistance being rejected, break of trendline, break of 1 hr 50 ema. Looking for price to pullback and then a move to daily 50 ema + fib ext. levels.