Resistance is likely to be respected again.
Short from key level on both Daily and H4 chart. Double Top formation - possibly another entry upon break and close below neckline. Goodluck
Trend continuation trade to previous structure. I believe price will come down to test psychological level .72. This level also has a 1.618 extension. IF price reaches this level, this may be an area to go long as well. R:R 3.46
• Weekly- bearish breakout from bullish trend • Daily- breakout from rising wedge - MACD crossover signalling bearish move - Retest of 38.00% fib level • 4 Hour- bullish move towards 38.80% fib which I will look to take short position from - This is further signalled by bullish crossover • Hourly – MA about to crossover and will look to short once pullback is...
The blue dotted line has structure and 127 level fib extension confluence.
• Weekly- bearish engulfing candle which could see bearish week - Worth noting MA cross over in weekly • Daily- breakout from rising wedge however potentially see a potential ABCD pattern formation - MACD crossover signalling bearish move • 4 Hour- missed short opportunity due to NFP however looking to short pullback however be wary of both spinning tops so best...
- Potential short as trend retests resistance and should make way towards area of support within the channel - Be wary of potential retest of blue area of support - wait for Moving average crossover or bearish candlestick pattern in the 4hr timeframe before taking the position
NZD/USD looks short for multiple reasons. Besides seeing significant strength in the USD the next two weeks, it looks like this has ran out of steam. Nice rejection of the resistance on the daily with beautiful rejection wicks. Formed a lower high and a lower low on the 4 hour. also broke the support on the 4 hour so we might be on our third wave down which...
NZDUSD has formed a bearish engulfing candlestick on the daily timeframe. SL set above previous highs. TP set at previous lows near support.
NZD has been doing good for me staying in the channel and thats why i think it will go back down again, looking at the bigger timeframe it might be time to break down of the channel and go down hard.
(I was in this trade about 30 minutes ago) Im expecting price to fall back down to 50% retracement but if it passes it i expect price to hit trend line!
Hello traders, we have a head and shoulders pattern fully formed on the 15 minute Renko. Looking to see if price action will drop to key levels to complete the pattern breakdown
Hi traders. The pressure is still clearly to the downside on NZDUSD despite Friday's reversal off the s1 lows at .684, for that reason selling opportunities are preferred. It will take a convincing move above s3 at .7053 to signal a possible trend reversal so until then we bet on lower highs. The .68 figure is the next downside target with the possibility of a...
As you can see, there is a downward channel in full effect. I am expecting this to bounce off of the Lower Highs trend line and head for the Lower Lowers once again. We will see how this plays out. Good luck to all.
Setting up another sell stop order. Same reasons as the previous idea but better setup to avoid getting whipsawed this time.
Recent rally due to the weakening of the dollar, dollar index now testing support so i expect to see a pull back from the NZD and continuation up or a fall to support levels at 0.7130, either way i will continue to monitor the dollar index on this trade before deciding whether to stick with it or execute the position.
NZDUSD has completed a Bearish Butteryfly pattern on the 1H timeframe. A Bearish Engulfing candle has closed confirming this entry. SL set above previous highs, TP1 set at 38.2%, TP2 set at 61.8% Fibonacci Retracement level.