ElysiumFX

NZDUSD - Inverse H&S in play

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
138 4 1
The 4-hr chart of NZDUSD             looks very bullish after this morning. The neckline of an inverse Head & Shoulders was broken, without much resistance, and the pair is continuing its climb higher. Main resistance now is the trendline coming in around .83, and support should be seen at the broken neckline at .8260. The measured move of this setup is up near .8435, although there should be strong resistance coming into play once price nears .84.

It's likely that the .83 level will cap price today as the trading week winds down, but this pair should be a top priority at the beginning of next week.
so would be a good idea to place a sell order at 0.82854 and a t/p of 0.82610, then place a buying pending order with a t/p of 0.8435 or at least 0.8450....(or go for long...)
Reply
ElysiumFX calinepe
You could, but make sure to keep your stop loss on your short very tight around .83. Personally, I will be looking only to play this long.
Reply
Excellent..
Reply
Chances of getting 0.84 is rare and I am trading down this pair..! I am not confident to long definitely watch your black trend line resistance
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out