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AstonCWP
Dec 4, 2019 6:14 PM

NZDUSD SHORT MULTIPLE TIMEFRAMES Short

New Zealand Dollar/U.S. DollarFXCM

Description

NZDUSD UPDATE

Starting on the daily, we can see we have broken on the downside of a symmetrical triangle pattern and are now retesting the support turned resistance. We can also see a down channel forming of which we are testing the could be resistance (need a solid rejection to confirm confluence)

Moving onto the hourly, we can see an up channel has formed and we are also currently sitting on the resistance line there. A drop to the channel support followed by a deadcat bounce and rejection from the mid term down channel resistance is probable from here given the US China trade news doesn't further dampen the USD

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