Reaching a very strong resistance zone - Bearish setup

New Zealand Dollar/U.S. DollarFXCM

Description

⋅ Mar 23, 2015 1:37 PM

NZDUSD aggressive C entry paid off nicely last week and it was one of the week's biggest winners.
Now NZDUSD is reaching a very strong resistance which include a harmonic pattern, a 200 SMA line and a daily structure resistance.

Check out the complete analysis on this week's newsletters - marketzone.tumblr.com/post/114402724915/the-weekly-markets-analysis-23-3-2015

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Comments

IvanLabrie

⋅ Mar 23, 2015 2:47 PM

I'm short nzdusd as well. Good catch.
My target is 0.68 at least.

themarketzone

⋅ Mar 23, 2015 3:31 PM

You're aiming to low in my opinion.
0.74 will be the test if NZDUSD will reverse.