FX:NZDUSD   New Zealand Dollar / U.S. Dollar
The market sold off and approaching key support zone 0.8400 (round number too). Price is slowly retracing up towards 0.8460 (now a resistance zone ). Question is do you have the guts to short it from that level with key support coming very near down there and with the down move seems 'overextended'? For me, a correction upwards seems imminent from current level or 0.8400 level before further selling.

Related Ideas

down to 0.846 (50% retracement) n retest 0.851 n then 0.853?
Reply
Casey_Yeo Sam0101
0.8530 is the level to beat if bulls are going to pick up steam. Will be interested to look for false break at this level to go short.
Reply
Sam0101 Casey_Yeo
False break at 0.853 ?
Reply
Casey_Yeo Sam0101
Yes if I want to short in line with recent overall bearish trend.
snapshot
+1 Reply
Sam0101 Casey_Yeo
whats ur view in this. It has finally break into the downside.
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Casey_Yeo Sam0101
Just my humble thought that the major pairs are due for minor correction after the recent rally in USD. So obvious level to look for short here is 8400 level.
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Sam0101 Casey_Yeo
i was thinking a possibly rebound at 0.834 and also a correction before any further downside move.
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Casey_Yeo Sam0101
Possible. I will leave this pair alone at the moment. Currently stalking GBPUSD for possible rebound.
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Sam0101 Casey_Yeo
yeah n i been watching closely at ur GBPUSD chart. GOOD!
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Casey_Yeo Sam0101
Thanks Sam. Happy trading!
+1 Reply
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