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talalzebian
Sep 17, 2020 11:15 PM

Potential Bearish Opportunity on NZDUSD Short

New Zealand Dollar/U.S. DollarFXCM

Description

Bullish trend close to reaching major resistance level on the Weekly Charts with potential Double top on both the Daily and 4Hr Chart which provides us with a nice retracement opportunity off the resistance level with a huge Risk-reward ratio. For this opportunity, given the very deep V on the potential double top in addition to the existence of multiple support levels, I recommend setting targets to the closest support level as shown. If the price breaks the V-line and confirms the double-top, then there is a potential for a reversal of the bullish trend.


Let me know your thoughts.

Trade active

Trade closed: target reached

Nice +34pips on this opportunity
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