ForexWeeklyAnalysis
Short

Pending Short NZD/USD - Consolidation Channel

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
228 5 2
Blue lines = Consolidation Channel

Based on how price moved in April, it looks like there's a possible consolidation channel in development. Thus, there's a pending short around the 0.874X level (previous high). Consider exiting if price closes above 0.8750 and target the low 0.85XX region.

------------------------------------------
Why the alternate scenario likely won't develop
------------------------------------------

Red lines = Expanding Triangle

Based on how price moved previously in the beginning of the expanding triangle, the expected path is drawn in red. The move down was on point but didn't quite hit the support level which is fine since it's close enough but on the way up, price stalled around 0.86 instead of moving up to the hit the trend line again (around 0.88). Since the up move was not achieved, I'd say the expanding triangle is no more and price is starting to develop a new consolidation (sideways) channel.
VICTORANDRESAMU
2 years ago
I agree with your analisyss dear, am still holding long from .8527
Reply
My first short filled at 0.8740 last night but it doesn't look good for my theory right now...
Reply
ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
Filled another short at 0.8776
Reply
ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
Stops on both shorts have been moved to 0.8730 now, so I can't lose on these trades.
Reply
ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
Decided to close my 0.8740 short at 0.8640 for 100 pips, the other one is still running but I've moved the SL to 0.8676 now (to lock in 100 pips as well).
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener 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 Billing Sign Out