NickLindleyFx
Short

NZD/USD Short for a pullback?

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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Zooming out on the weekly for this pair, it has rallied for some time with little pullbacks. After price pierced above 0.74600, last weeks candle short lived this by forming a bearish engulfing candle and failing to maintain price above this level.

Heading into the above 4 hour time frame, bearish structure looks to be forming as price has been putting in play consecutive lower highs which has led to a break of bullish structure and a break below the ascending trend line which has also been retested, forming a strong bearish candle.

The US dollar scores very strong on this weeks technical strength score, and I strongly favour some bearish price action on this pair. My downside targets on this pair coincide with the previous higher lows of 0.73347 and further to 0.72607.
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