Good evening traders!
Just sharing my ideas on a short term sell setup on the NZD/USD -1.14% daily I have been monitoring.
Since August 2015 after a long bearish move we have seen the formation of what appears to be a nice flag on the weekly chart which rejected the 50% retracement of the previous move.
Shortly after the flag broke to the downside during November 2015 and price action has now retraced back up to previous highs which also coincides with a
- Retest of the flag trend line .
- Nice horizontal support/resistance .
- Bearish channel that appears to be forming.
This level looks likely to be rejected with a large bearish candle and I am now looking for a short entry on the lower time frames. I have drawn a line on the chart at 0.68600 which is where I predict price action is heading.
Hope everyone is having a great week so far!
Just sharing my ideas on a short term sell setup on the NZD/USD -1.14% daily I have been monitoring.
Since August 2015 after a long bearish move we have seen the formation of what appears to be a nice flag on the weekly chart which rejected the 50% retracement of the previous move.
Shortly after the flag broke to the downside during November 2015 and price action has now retraced back up to previous highs which also coincides with a
- Retest of the flag trend line .
- Nice horizontal support/resistance .
- Bearish channel that appears to be forming.
This level looks likely to be rejected with a large bearish candle and I am now looking for a short entry on the lower time frames. I have drawn a line on the chart at 0.68600 which is where I predict price action is heading.
Hope everyone is having a great week so far!
Trade active:
Entered targets 0.68600