NZDUSD | Perspective for the new week | Follow-up details
It's over 300pips move in our direction since my last publication on this pair (see link below for reference purposes) and the appearance of a Double Top pattern is leaving me with no choice but to look out for Bearish momentum in the coming week(s). There is high hope for the Greenback in the nearest future as the focus remains on the Fed tapering timeline
Tendency: Downtrend (Bearish)
Structure: Supply & Demand | Reversal pattern (Double Top)
Observation: i. The Kiwi enjoyed a tremendous 5.33% gain over the Dollar in the last 3 weeks but appears to have found Resistance @ $0.71700 which gave rise to a Double Top structure.
ii. Double Top: An extremely bearish technical reversal pattern forms after price tested the peak ($0.717000/0.71600) two consecutive times with a moderate decline between the two highs with confirmation awaiting us if the price falls below the Demand level which is equal to the low between the two prior highs.
iii. The appearance of a couple of shooting star candlesticks on the last trading days of last week further emphasizes the expectation of a plunge in the coming week(s).
iv. Shooting star: the price tried to rise significantly during the last two days (9th/10th Sept 2021), but then the sellers took over and pushed the price back down.
iii. Even as we remain patient for confirmation in the Breakdown of Neckline, I am comfortable being in this trade anywhere below Key level @ $0.71200... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 5 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend (Bearish)
Structure: Supply & Demand | Reversal pattern (Double Top)
Observation: i. The Kiwi enjoyed a tremendous 5.33% gain over the Dollar in the last 3 weeks but appears to have found Resistance @ $0.71700 which gave rise to a Double Top structure.
ii. Double Top: An extremely bearish technical reversal pattern forms after price tested the peak ($0.717000/0.71600) two consecutive times with a moderate decline between the two highs with confirmation awaiting us if the price falls below the Demand level which is equal to the low between the two prior highs.
iii. The appearance of a couple of shooting star candlesticks on the last trading days of last week further emphasizes the expectation of a plunge in the coming week(s).
iv. Shooting star: the price tried to rise significantly during the last two days (9th/10th Sept 2021), but then the sellers took over and pushed the price back down.
iii. Even as we remain patient for confirmation in the Breakdown of Neckline, I am comfortable being in this trade anywhere below Key level @ $0.71200... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 5 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
