Sascha_Gogolin
Short

False break above key resistance in major downtrend

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
We might be seing a transition from the bearish into a new bull trend long term. Buyers managed to push through resistance around 0,68800 but the selling back below the level was pretty strong so this might be a false break.

If the buyers really were in control they should have managed to keep price above this level.

IF and only if we get a weak pullback into the level I would be open for a potential false break setup and short trade. Since the structure is indicating a transition, first target should be kept fairly close (0.65000) in case we see new buying strength coming in around that area if there really is a transition. If the sellers are able to maintain control and 0,65000 folds, the logical second target would be around 0,62500.

Only a new forceful push and close beyond 0,68800 would negate this bearish/false break scenario in my opinion.
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