NZDUSD - 1 HOUR CHART Short on Trend Analysis and Chart Patterns
Quick analysis here. Shorting as due to my observation below. Please trade your plan.
1. Support and Resistance -
Price action seems to be moving sideways and has attempted 3 times to break the resistance point and has failed. It is going back to retest support. (yellow structure points)
2. Head and Shoulders -
Although it looks like a sideways move, we can still see a Head and Shoulder unfolding so will follow the price action down the right shoulder. No guarantee that it will sell below the line but since we have some room in the right shoulder, we're joining the action
3. Broken Trendline:
The blue upward trend line was broken and price action retested and couldn't break back into the uptrend so its looking for support at the 38% and 50% fibonnaci points
4. Fibonnaci extension:
The 50% fib is a strong support and resistance zone.
Trade plan:
Opening 2 positions to exit at the 38% and 50% Fib points.
We'll revisit the trade again if it breaks below the head and should line.
TRADE YOUR OWN PLAN!
Good luck
1. Support and Resistance -
Price action seems to be moving sideways and has attempted 3 times to break the resistance point and has failed. It is going back to retest support. (yellow structure points)
2. Head and Shoulders -
Although it looks like a sideways move, we can still see a Head and Shoulder unfolding so will follow the price action down the right shoulder. No guarantee that it will sell below the line but since we have some room in the right shoulder, we're joining the action
3. Broken Trendline:
The blue upward trend line was broken and price action retested and couldn't break back into the uptrend so its looking for support at the 38% and 50% fibonnaci points
4. Fibonnaci extension:
The 50% fib is a strong support and resistance zone.
Trade plan:
Opening 2 positions to exit at the 38% and 50% Fib points.
We'll revisit the trade again if it breaks below the head and should line.
TRADE YOUR OWN PLAN!
Good luck
Comment:
consolidation in progress
Trade closed: stop reached:
Incredible Spike hit my stop.