Firstly, on the weekly it broke out a range to the upside. On the daily price is creating HH’s and HL’s and MA’s are to the upside. Price came back to the monthly level of 80.000 and then price created a doji indicating slow down in price. Price has come to my ascending trend line.
This pair has been weak for a while so we are going to continue shorting. Price retraced to the 61.8 for the second time and it is holding well. Also respecting my resistance level. Broke out my daily trend line a retested which adds confluence to the trade.
The main reason for this trade was because I recognised that price was struggling to beat 79.600 daily level which is very strong level. Even though price broke out a trend line a retested price resisting of the daily level. It also created a triple top reversal formation which is strong indication. I do believe that if price falls rapidly we could come to 78.500.
NZDUSD has been quite bearish for a while. It has given us another sell opportunity. Firstly, it broke a daily ascending trend line and retested. Also break my daily and retraced to a 61.8 Fibonacci level. Price has created relevant price action for me to go short.
Nice sell opportunity, daily is down trending. tapped off my 4 hour down trend line and also a nice pull back to the 61.8. Also structure is indicating downwards moment and on the 2H we got relevant price action.