Above is our previous potential signal on NZDUSD , you will see that the signal proved to be very nice. Upon a break above the short-term downtrend line there was some good momentum that came into the picture that provided a very good opportunity to get long WITH the trend. We cannot stress enough the advantage of trading with the trend as a trader, both swing and scalp. You will notice that NZDUSD has been in an decent up trend since the start of 2016 consistently making higher highs and higher lows. With that, hopping in on the upward momentum of an uptrend breaking out of a short-term pullback offers a very high probable set up to go long. We will be looking to open a long position for a quick scalp, expecting the .70000 level to act as resistance, on a break above his most recent short-term up trend if we have confluence from our forecasting algorithm with a chance performance prediction of 85% or more.
Currently, our algorithm is forecasting a bit of consolidation with a chance performance prediction of 89%. This forecast will update every hour on the hour so we will be awaiting to see a forecast proving our analysis to be true with a break above the to get long.
In the image linked below you will see our algorithm's current forecast:
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