Technician
Short

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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My best regards,
Technician

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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.
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Excellent analysis.
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Thanks mate
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Hey Technician, what do you think for this pair later on on FED and NZD rate decision?
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awesome post
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We are also rejecting .618 fib retracement level from previous swing high. Lots of confluence on this trade
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