MEX_Exchange
Short

NZDUSD continues to form a reversal signal, remain bearish

FX:NZDUSD   New Zealand Dollar / U.S. Dollar

Sell below 0.7188. Stop loss at 0.7280. Take profit at 0.7041.
Reason for the trading strategy (technically):
Price continues to hover around our selling area and is forming a nice reversal signal with a strong shooting star candlestick formation signalling selling pressure. We are still unable to break through our ascending channel which would be the major trigger for our bearish move. For now, we remain bearish below major resistance at 0.7188 ( Fibonacci retracement , horizontal overlap resistance, bearish divergence) and we expect price to push down to at least 0.7041 support ( Fibonacci retracement , horizontal pullback support). Only a break of this channel would confirm further downside move.
RSI (34) is testing major ascending support and is starting to break below it. Only a clear break of our ascending support would trigger a strong bearish drop on price.
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I think we will hit SL
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Would you sell extra approaching the stop loss and moving that up for that trade?
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sakhidad PatrickVerbij
@PatrickVerbij, The trend is up (buyers in full control), very risky to sell against the trend. Good luck if you are looking to short.
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