NZDUSD long, strong resistance at 0.71350 (SMA 2184), that is often my target on H4... I will close at that point and wait and only get back on long after a successful pull back above it.
Short. Already in play on my end, but the real confirmation is close below 100 SMA on 4HR chart or below weekly pivot for the cautious.
I think the downtrend may continue on this pair.
Possible H&S, valid long entry on close of 4HR candle above 100 SMA on 4 HR chart.
I think I see an inverted H&S pattern, will play it while keeping an eye for a reversal for the bigger downward trend that is on the horizon finally.
The larger picture is obviously a more massive bearish movement, but over the next 2 to 3 weeks... a long setup is ok. Riding the retracement upwards in the interim as it is a significant move, and then inverting and getting into the short position once target reached.
Usually the SEKs, NOKs, TRYs, ZARs i.e. the USD, EUR and GBP pairs tend to head in the same direction.... having EURSEK long in the previous analysis and short on this one seems paradoxical and contradictory... am aware and wary of this as well, but each has merit on it's own. So I perceive a short setup on this one and will take advantage of the situation once...
Below support a 2 week bear trend or more my ensue.
I think from whichever way it goes... from the consolidation phase is coming to an end for USDCAD. 1.29 has been a point of contention for bulls and bears and where to head next. At the moment the bears have the field.