NZDUSD - Back into the Range - Bullish Breakout is a Bust
Greetings Fellow Traders -
NZDUSD continues to be undecided even after what appeared to be a very significantly close to last week. The key .6860-.6900 level held on the daily candle through Friday - but it was very quickly erased to begin this week's trading. Monday's Daily Candlestick made sure of that.
Price action on the daily and 4 hour charts suggest that we're about to see even more downside (which puts us right back into a ranging set up that it has been in for the last few months).
Here's what to look for and when to trade it:
I've indicated the bullish trend strength that the market is currently reacting to....wait for a daily close below this strength line. Position yourself anywhere between the close of that daily candle and the pullback to retest. You can also watch for lower time frame structure 15 minute to 1 hour ( you'd be looking for a bearish flag/pennant type continuation structure)
Ultimate targets could be as low as .64000 and I would only recommend even lower if we break that as well....but for now, NZDUSD is still in a consolidation/correction/ranging mode and we should be prepared for ranging price action. Keep targets conservative.
Right now the market is primed to move lower IF it confirms and pulls that trigger. If it does - hop on and make some pips off of it. Be patient.
Feel free to comment/like/follow.
NZDUSD continues to be undecided even after what appeared to be a very significantly close to last week. The key .6860-.6900 level held on the daily candle through Friday - but it was very quickly erased to begin this week's trading. Monday's Daily Candlestick made sure of that.
Price action on the daily and 4 hour charts suggest that we're about to see even more downside (which puts us right back into a ranging set up that it has been in for the last few months).
Here's what to look for and when to trade it:
I've indicated the bullish trend strength that the market is currently reacting to....wait for a daily close below this strength line. Position yourself anywhere between the close of that daily candle and the pullback to retest. You can also watch for lower time frame structure 15 minute to 1 hour ( you'd be looking for a bearish flag/pennant type continuation structure)
Ultimate targets could be as low as .64000 and I would only recommend even lower if we break that as well....but for now, NZDUSD is still in a consolidation/correction/ranging mode and we should be prepared for ranging price action. Keep targets conservative.
Right now the market is primed to move lower IF it confirms and pulls that trigger. If it does - hop on and make some pips off of it. Be patient.
Feel free to comment/like/follow.
Comment:
This setup continues to develop - keep an eye on the end of week trading
