Fibs shows that it bounced off the 0.236 4 times. With enough confirmation that it will be going down. Also there was a doji which is another sign of a reversal. The overall trend line shows a bearish trend continuation.
Price has made a bearish channel exit triggering so we look to sell below major resistance at 0.7107 (Fibonacci retracement, pullback resistance) for a push down to 0.6956.
RSI (34) is below long term descending resistance line.
Stochastics (21,5,3) is below descending resistance line too.
The Kiwidollar looks to be breaking trend support, if wider dollar advances confirm; it's reasonable to expect it will retrace the past 12 months' advance.
(i) Valid bearish break of trendline - Initiate short positions
(ii) If price action re-tests trendline & moves up - No trades
(iii) For upside move, as per my rules risk-reward not favorable, so I will look for only shorting if trendline breaks
There are potential pattern setups in NzdUsd I will update them when its about to complete. Before entering anyside...
I think there are lots looking at this pattern already but I happen to strongly agree with it.The pattern combined with bearish divergence on the RSI I entered early at .7280 after the bounce of the far right shoulder. I'm expecting a breakdown in the next few days. I've got stops at breakeven already.
My first target is at least to the channel support around...
5 pinbars + big red shows that price of NZDUSD has been reject @ 0.7360. So im thinking NZDUSD this pair is at bearish market. JUST SELL NZDUSD when it pull back. My first target----> 0.7131, when price hit 0.7131 i would close half of my sell orders. i will leave half untill price hit my second target ---->0.7052.
Nzdusd Trading at 0.7240 level we can see on weekly chart its not holding above 0.730 level and formed many Bearish candle around this level and last formed strong Bearish Candle too.
So advice sell nzdusd in range of 0.7235-0.7320 With sl above 0.7380 where TP1 0.7090 tp2 0.6990
Seriously , I dont need anymore reason to short this NZDUSD. Both ABCD's ends up around the resistance zone and Deep bearish gartley, so why wait ? I initiated My short positions in NZDUSD, the risk was small compared to the reward. Just one thing, Two or many patterns indicating same direction of trade is just for confidence only, it wont assure 100% success of...
