A current short setup with the NZDUSD with a bearish engulfing pattern on the weekly chart following the previous shooting star pinbar on the weekly chart. These have strong confluence as they are at the 50% fibo retracement level and also at or below the 200EMA. As a speculator, I speculate we will see this return to or go near to the previous low of 0.6200.
Trading on the weekly chart, previous week (16-22 OCT) shows a shooting star pin bar at trend resistance. In line with the trend, going short for first TP level around 0.7440. I expect this could retest support levels around 0.6820 eventually.
Currently price is at an important area of support. There is a potential for price to return to the 136.00 level or higher.
CAUTION: price is currently trading under the weekly 200EMA, so ensure you practice good money management and place your stop appropriately.