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.
Ideas Scripts Chart
United States
United Kingdom
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