My analysis is based on a stuck in the box type formation which has taken place on a D1 chart. With many attempts to breakout it has found a very strong resistance, we have had a false downturn take place today with a retest to the top. What i think is going to happen here is it may even retest and break this key level, but with NZD news coming which is looking to be positive, this could kick in the downward trend all the way down to the 1.63500 level.
I have yet to enter the market due to the upturn of today, but will be placing a short position at the top of resistance for a reasonable risk to reward ratio.
Risk management is important when it comes to all types of trading, especially swing trading so please be cautious.
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