I am anticipating NZDUSD making a retracement.
-Price intitally made a bullish push
-Price then met resistance around 0.6500 level and formed a Double Top.
-A double top, is a sign of potentail bullish exhaustion and a possible reversal.
-After price tried to break the level, price then closed as a reversal candlestick, followed by a large bearish momentum...
BUY NZDUSD at 0.5608 tp at 0.57823 stops at 0.5566 Use proper money management. Price is at a monthly support. Hedge funds are shorting the dxy (Private info)
Price pulled back and tested the break of structure, which correlated with the neckline of the double bottom, and the 61.98 fib level (if you drew a fib from the new low to the new high on the 4hr timeframe.)
I am expecting price to to ultimately test the previous higher low, which also correlates with the daily resistance and the 61.8 fib level.
Take a look at...
Initially, price was on an uptrend, making higher highs and higher lows.
Price then met resistance at the daily resistance/supply level.
Here price then formed a double top, which when a double top occurs at the end of an uptrend it can serve as a candlestick reversal pattern. With this formation also occurring at the daily resistance, this is potentially a...
Feel free to like or comment. Especially if you see something different or think otherwise state your reason(s). I am open to seeing others point of view.
1.) Here price found support and formed a double bottom pattern, which is a bullish formation and started off the uptrend. This also serves as the low.
2.) After the double bottom was formed, price confirmed...
Open Buy position on NZDUSD - 0.6744
SL - 0.6727 (17pips)
TP - 0.6838 (94pips)
RRR - 1:6.26
Reasons - at bottom of global flat 0.6715-0.6930 and good reversal pattern (buy level+angle level)
Watching the big picture, we are still on an uptrend on the weekly and daily time frame which makes me look for trend continuation opportunities. Currently price is at a very sweet spot while RSI approaching oversold levels. Great risk:reward if entered at market if conservative stops and targets are used as illustrated on the opened long position in the chart.
