As all of you know I am short the NZDUSD
due to my previous chart, however I wanted to get a closer look as well instead of just the monthly chart. Here on the 8 hour we have what looks to be a Head and Shoulders
pattern. Now before i say anymore, I will say these pattern in my eyes are not the best patterns due to overthrows and neckline rejections. A neckline rejection can wipe anyone out quickly as Im sure a lot of you newer traders are already aware of. That being said with the monthly evidence and this as back up evidence for my short side bias I will be watching this very intently for a break and retest of the neckline on the bottom side to add to my position.