NZDUSD: Time for a Trend-following Trade

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
1351 7 21
The pair has been consolidating within the past few weeks, after hitting near the major support area at 0.7700, where price has been pushing gradually higher in a potential rising wedge pattern, which has bearish implications.

As we approached 0.8800 key broken support level , the price was rejected today, and could be forming a pin bar candle at the descending resistance for the overall bearish wave. I am playing a short from here.

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
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Excellent analysis.Thanks for sharing.
Excellent analysis.
Thanks mate
Hey Technician, what do you think for this pair later on on FED and NZD rate decision?
awesome post
We are also rejecting .618 fib retracement level from previous swing high. Lots of confluence on this trade
+1 Reply
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