NZDUSD has created a good short trade setup on the daily chart, according to my trading strategy. A strong bearish engulfing pattern, at the bollinger middle band, also breaking through a strong resistance line and two resistance levels.
The bearish candlesticks are also stronger than the previous bullish candlesticks. However since this is a trade formed around the bollinger middle band, I will only take a 1 % risk with this trade.
Stop loss: 0.72698 (70 pips)
TP: Around the next resistance line
As you can see on the monthly chart, a bearish engulfing pattern with a long bearish candlestick has formed, after af small bullish retracement. This makes this trade even stronger, and I will take a short trade based on the monthly timeframe, tomorrow.