traderjoshh
Short

NZDUSD POSSIBLE LONG TERM SHORT

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
31 0 0
After doing some analysis on the weekly chart ive found that the double bottom from the daily chart and the targets for the double bottom match to the target of a retracement to the 38.2 fib. So the upward movement we may see in this pair may in fact be a retracement rather than a trend change. I will be going long on this pair to the 38.2 retracement after a breakout retest and continuation pattern of the double bottom and watching price action around the 38.2 price level for a possible longer term short to the -27 extension level which is also confluent with being the start of the channel that we saw nzdusd             previously in. Also the 38.2 fib level is also confluent with being the resistance from the channel. Will be watching this pair closely to see how it plays out.
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