NZDUSD | Perspective for the new week | Follow-up details
Price action moved over 250pips move in our direction to hit profit target since my last publication on this pair (see link below for reference purposes).
With a simple technical structure on the weekly chart; It seems that the New Zealand dollar’s mini-rally appear to have come to a halt, as NZD/USD pair posted slight losses during the course of last week's trading session as the rejection of the N$0.69000 level remained strong into the weekend.
Tendency: Downtrend (Bearish)
Structure: Supply & Demand | Trendline | Reversal pattern (Breakdown)
Observation: i. For over a year now, the Kiwi has been on a downward spiral as it dropped 12.5% against the USD.
ii. A visual representation of a trend after connecting a series of prices with a line drawn above pivot highs shows the prevailing direction and speed of price in the last 13 months.
iii. The successful breakdown of the N$1.69 level in November 2021 which is followed by multiple rejections of this area emphasizes the selling pressure from this juncture in the last 4 months. at this juncture in the market. which
iv. It is worthy to note here that the N$0.69 level has been a strong demand level for 9 months before the significant breakdown in November 2021.
v. Price is currently at approximate 61.8% retracement of the impulse leg to incite a risk of further decline in price in the nearest future.
vi. Based on the current structure on the chart and the inability of buyers to push prices beyond N$0.69, it appears that we might be having a new supply zone within the N$0.69 area and I suspect a choppy scenario within this area in the coming week(s).
vii. This being said, I look forward to selling the Kiwi below the key level identified around N$0.6800 with a profit target at 1.27% Fibonacci extension if the bear is strong... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:4
Potential Duration: 7 to 15days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored... I shall be sharing a video of how I am going to take advantage of this trade if the price goes as planned on my new jou tube channel.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
With a simple technical structure on the weekly chart; It seems that the New Zealand dollar’s mini-rally appear to have come to a halt, as NZD/USD pair posted slight losses during the course of last week's trading session as the rejection of the N$0.69000 level remained strong into the weekend.
Tendency: Downtrend (Bearish)
Structure: Supply & Demand | Trendline | Reversal pattern (Breakdown)
Observation: i. For over a year now, the Kiwi has been on a downward spiral as it dropped 12.5% against the USD.
ii. A visual representation of a trend after connecting a series of prices with a line drawn above pivot highs shows the prevailing direction and speed of price in the last 13 months.
iii. The successful breakdown of the N$1.69 level in November 2021 which is followed by multiple rejections of this area emphasizes the selling pressure from this juncture in the last 4 months. at this juncture in the market. which
iv. It is worthy to note here that the N$0.69 level has been a strong demand level for 9 months before the significant breakdown in November 2021.
v. Price is currently at approximate 61.8% retracement of the impulse leg to incite a risk of further decline in price in the nearest future.
vi. Based on the current structure on the chart and the inability of buyers to push prices beyond N$0.69, it appears that we might be having a new supply zone within the N$0.69 area and I suspect a choppy scenario within this area in the coming week(s).
vii. This being said, I look forward to selling the Kiwi below the key level identified around N$0.6800 with a profit target at 1.27% Fibonacci extension if the bear is strong... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:4
Potential Duration: 7 to 15days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored... I shall be sharing a video of how I am going to take advantage of this trade if the price goes as planned on my new jou tube channel.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
