Technician
Short

#NZDUSD Forecast: Approaching Hot Resistance! #forex

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
1698 19 24
NZDUSD             Short term forecast and technical analysis

The pair has been pulling back higher within the past days, where price managed to take 0.7485 horizontal resistance level , completing a retest to it and heading higher again, and thus we might move slightly higher towards the next major daily potential resistance level at 0.7620. 0.7620 is a previous key low (seen on the daily chart ).
The 50-days SMA is also around the same area.

I would look to short the pair near that area, a nice confirming bearish candle could be a good trigger, targeting initially 0.7485. stop loss could be at 0.7700

Please feel free to provide you take, do you see other technical view? what harmonics and elliott wave are saying?
Waiting for your contribution.. Thanks

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Mates, this is the daily chart showing that previous broken support
snapshot


What would you add to this analysis? do you have a different view? please contribute
Reply
iznogood Technician
+ fib's confluance
+1 Reply
iznogood iznogood
snapshot
+1 Reply
metaldome iznogood
Yes right smack on the .618 fib.
+1 Reply
metaldome Technician
The only point of difference I could make is that if we all see the obvious then the big money movers most certainly do too, so I guess some decent confirmation is needed. I sometimes regret waiting for that though as it makes my stop often too far out on along wick or big downside move off the resistance. Ever go first touch Tech or get burnt too often doing that?
+1 Reply
I usually wait for confirmation mate. but sometimes where i have high conviction i go on touches..
-1 Reply
It also depends of what type of target i am looking for, some trades i use only touch of a level , in this case my first target is quick and small(hit and run).. I call this reactive trades.
-1 Reply
Any harmonics formations evolving , question to harmonic traders?
Reply
iznogood Technician
snapshot
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Also would love to know what Elliott count is over the near term, any ideas?
-1 Reply
As long as 1.271 extension holding i dont see more upside
snapshot
+1 Reply
EagleTrades PRO EagleTrades
so yes i think its a possible reversal area
+1 Reply
Technician TOP EagleTrades
Agree.. Thanks for your input..
-1 Reply
GcNaif MOD Technician
hi Tech, as usual one more good one from you. For me the reversal zone could be 0.762x-0768x. There is a strong weekly resistance around 0.768x area. A potential Bearish BAT is in progress for which i m expecting D to finish in the reversal zone.
snapshot
+1 Reply
Sounds realistic, many thanks
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.76200 is also the .618 FIB retracement if measuring last daily swing high on 1/15/2015.

Heavy confluence in that area. If we end up with a decent bullish candle on the weekly, a move up to .76200 seems imminent and may provide a quality opportunity to short and join the overall bearish trend.
+1 Reply
Technician TOP ActiveTrader
yes mate, am still monitoring this one , have a nice weekend, lets catch up on this next week
-1 Reply
She's turning
Reply
Technician TOP ActiveTrader
maybe she is ... not chasing
-1 Reply
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