TeePeeFX

NZDUSD potential heavy swing shorts?

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
This is looking really good over the coming weeks.
As we always say: "levels, be that support, resistance, trends or zones should be used as an area of interest, not a sole means to take a trade".

The current price has reached a key level, being a HTF level of resistance and a strong weekly trend.
At this level, there appears to be a very strong resemblance to a DT, as well as divergence through the push to the upside.

I personally wont be giving this structure too much relevance unless it can break the level below at .692... If it fails to break this level it could easily see a further push to the upside. Given that the 50EMA (week view EMA ), sits just beneath current price, and we have seen successive wicks. Due to this i will definitely not rule out a bullish move.

I am looking to see if we can break the above mentioned level (weekly break). If we successfully break this level, that pair will be opening up the space below at .662 potentially even to .634.

Weekly setup, means weekly patience is required!.

Comments

solid analysis
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