#NZDUSD Possible top in play..... keep an eye on kiwi..
Red indicates range were top could possible hit....
White vertiical lines indicate range within dates...
So 9-7-16 could be the top or in date range of 9-19 - 10-27
the real top could show up
My area of entry is wrapped within the black lines. Stop is the red line and my target is the green line. I'm looking for a retracement to my entry area. I'm anticipating that price will most likely retrace from the .7196 area or quite possibly the .7185 area where I expect price to base some but I doubt that will ...
I have entered a short position based on the following reasons:
- Break and retest of strong trendline
- MA's have crossed over since the break
- Daily candle looks to be closing on a doji and has failed to break above 0.68 level (This is also the level for 0.382 fib.
Caution: NFP is released tomorrow so this ...
A PIN BAR HAS FORMED ON THE H4 CHART. STRONG DOWN TREND ON THE DAILY CHART.
FALLING TREND LINE
TAKE PROFIT IS SET TO HALF MY POSITION AS I THINK THERE COULD BE ROOM FOR POSSIBLE FURTHER DOWNWARD MOVEMENT. STOP WOULD BE MOVED TO BREAK EVEN.
Failure of the Kiwi to retake above the 0.7700 level keeps the Bearish tone alive and well. A break this week below the T-Line from the 0.7191 low is likely going to see the pair retest the bottom of its range at 0.7191. Only above 0.7700 puts the Bulls in the driving seat.
The NZDUSD is in a really interesting place right now it is currently trending upwards and looks like it will be doing so at least for the next few days.
I am currently short right now however I will be buying and selling several times within this trend.
I was long yesterday.
This is an incredible opportunity ...