The currency pair broke through the resistance level of 0.7420 and reached a strong resistance level at 0.7550, which was slightly exceeded. An attempt to break through this resistance should not go. The increases were initiated by the occurrence of Governor of the Bank of New Zealand, who hinted that the probability of interest rate hikes in June. An additional...
PRICE HAS FORMED MY FAVOURITE 3 BAR SETUP. THIS IS A VERY BEARISH SENTIMENT.
THOSE WHO FOLLOWED ME SHOULD ROUGHLY KNOW WHAT THIS SETUP IS LIKE AND HOW RELIABLE IT CAN BE.
A FAKEY OF THE INSIDE BAR W1. THIS IS A VERSION OF BULL TRAP.
SELL AT STRENGTH FOR BETTER RISK REWARD. SEE D1 FOR PRICE ACTION.
TRADE INVALIDATED IF PRICE MANAGES TO GO ABOVE 0.774.
Trading idea on 1h chart :
Short NZDUSD – test of breakout to downside level
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Trading idea: limit sell order at 0.7540, Risk-Reward = 6.67
SL@ 0.7555 (-15), TP@ 0.7440 (+100)
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NZDUSD:
- downtrend on 4h and 1h chart
- retest of breakout level at 0.7540-0.7550
- next move should be lower to 0.7484 (Target1) or more probably to 0.7440 (final...
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.
Friday saw the pair challenge T-Line Resistance and 78.6% Fib of smaller degree swing and got HEAVILY rejected thus forming a Key outside bar reversal on the daily chart. This is a ominous bearish sign. Aggressive traders have every justification to initiate short positions with a great R/R ratio. More conservative traders can wait for a successful break below...
In my last published chart of NZDUSD under the title "Could Kiwi Run or Fly" almost 3 months a go, what appeared to potential falling wedge in fact turned out to be a connector wave X and which broke down with price accelerating to the downside and USD gathering momentum to the upside.
In that post further weakness was not ruled out as at least a retracement...
We are in a clear down trend and have a nice pull back to a previously established support level now acting as a resistance level. We are also in between Fibonacci retracement levels of 50% and 61.8% We also have reversal candlesticks forming, clear pin bars. Also at the 50 SMA. All these factors have contributed to us shorting this pair. The stop loss is slightly...
SELL AT FORMER SUPPORT TURNED RESISTANCE.
CONFLUENCE :
50SMA D1
BEARISH PIN BAR D1
BEARISH ENGULFING BAR H4
NOTE:
H4'S 20SMA AND 50SMA ARE SIGNALLING BUY @ 0.7525
CONFLICTING SIGNALS BETWEEN H4 AND D1.
I RESPECT D1 MORE THAN H4 THUS I WOULD PREFER A SELL TRADE.
TREAD CAREFULLY.
The NZD/USD has been in a significant downtrend since July of 2014 as the USD strength continues to rule the FX Market.
We have seen quite a dramatic pullback within the NZD/USD that has now set us up for an excellent selling opportunity to trade back in line with the overall downtrend.
We have 8 factors of confluence on the daily chart that support a bearish...
Simple continuation pattern forming up nicely right now. Also note that the ceiling around 0.7450 is providing a strong resistance, and together with the short-term uptrend line, means that NZDUSD prices will either break upwards (thus continuing the retracement move up), or break downwards (thus starting the next downwards move).
Hence, DO NOT sell now yet,...
OK I MUST START BY SAYING THAT WHEN A CHART IS POSTED BY ANYONE WITH A PARTICULAR TARGET, IT IS BASED ON THE REVERSAL POINT THAT WAS SET PRIOR. SO IF I SET MY REVERSAL TO 5 ON A SHORT WITH A 61.8 TARGET, AND THE MARKET GOES FURTHER DOWN TO 3, YOU MUST BE SMART ENOUGH TO KNOW THAT YOU MUST ADJUST YOUR RETRACEMENT TOOL TO 3 TO GET A MORE ACCURATE TARGET. IF YOU ARE...
PREVIOUSLY I HAD A STRATEGY TESTING ON THIS PAIR WHERE I WAS ABLE TO PREDICT 4 TARGETS IN THE FUTURE, HOWEVER, MY FIFTH AND FINAL TARGET WAS A BIT DELAYED BY THIS PATTERN THAT IS DEVELOPING. I DON'T FULLY UNDERSTAND HOW TO USE TRADING VIEW AS YET, BUT WHERE THE ARROW STOP IS NOT MY TARGET. MY TARGET IS LOWER, BUT AS USUAL I WON'T USE ANY LIMIT FOR THIS ONE, I...
