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Platinum-Wealth-Creators
Jan 10, 2016 5:37 PM

NZD/USD downside bias. Short

New Zealand Dollar/U.S. DollarFXCM

Description

Looking at NZD/USD's weekly chart we can see it approached and bounced of a long term descending trend line initially bringing our attention to this pair. Heading onto the daily chart we can see the pair formed a double top (highlighted by the yellow line) this was put in place after price was following a ascending trend line. NZD/USD went on to break and close below both the inner and outer trend lines supporting our downside target. Going on to the 4 hour chart we can see the 100 SMA crossed above the 50 SMA securing our downside bias, after this we executed our sell trade with a downside target zone of 0.62543 - 0.60592 (green zone)
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