From neutral to bearish (see previous idea/post link below) especially if we see a daily close as confirmation. Measured target for this move shown in the chart. This is a reversal trade and is a contrarian position against the overall preceding trend. I tend to view these setups as lower probability so I'm managing my risk here as best I can. Let's see what...
Current pattern resembles a spike and ledge consolidation pattern which can go either direction. I lean towards using it for reversal trades but it can also be a continuation pattern. What's interesting here is that the ledge structure is an ascending triangle. If this is confusing other traders like it is confusing me, we might see more trading range price action...
Watching this possible breakout with buy stops. Great setup with good risk and reward off trendline support and the 50 DMA backtest.
NZDUSD New Zealand Dollar (Kiwi Dollar)
NZDUSD (New Zealand Dollar)
Nzdusd - Daily chart - Price action is trading in a downtrend on the daily chart after breaking below a previous higher low. We are looking to sell this pair around 0.7190 for a decent 4:1 R2R trade.
Confluences: - Retracement to 61.8% Fib Level - Waiting for candlestick rejection from Fib level and 51 EMA - Could see further rejection from 71.000 psychological area which lines up with 71% Fib level - Downward trend formation in 4Hr currently creating a lower high
I think NZDUSD will fall down from this strong Resistance area :)
#NZDUSD (update) Moving in Ascending Channel Pattern from last 6 Months. RSI Printing Bearish Divergence. If NZD Respects the Channel Formation, then It Might form Higher Low (Might test the 0.6450 Area) Please like the idea for Support & Subscribe for More ideas like this and share your ideas and charts in Comments Section..!! Thanks for Your Love & Support..!!
NZDUSD Entry Price 0.67978 Target Price 0.69694
I made an analysis yesterday on the NZD/USD talking about a possible sell for the market but jeez we almost got stopped out ,you can look for yourself. I mean talk about a fractional pip haha... Luckily we saw price reverse but we are not out of the danger zone yet (are we ever) price reversed but it can possibly find support at the trendline it closed...
NZD-USD will move in the channel pick it up from support confluence! Like, comment and subscribe!