NZDUSD Bearish Retracement Opportunity (Overall Bullish Bias)
-After the most recent bearish push, price found support at the .6000 area and formed a Lower low
- Price found support and formed a double bottom, which is a candlestick reversal pattern and made a bullish push.
-Price then met resistance near the .62500 area and formed a somewhat doji candlestick, showing indecision and hinting at a possible reversal.
- I am waiting for price to form a candlestick reversal pattern on a lower time frame (1-4) before it makes it bearish retracement.
- I can see price testing the 50.0-61.8 fib level, to confirm the change in market sentiment (bullish).
-The 50.0-651.8 Fib levels also align with the neckline of the double bottom, I am anticipating a test of the neckline followed by a bullish up.
- Price found support and formed a double bottom, which is a candlestick reversal pattern and made a bullish push.
-Price then met resistance near the .62500 area and formed a somewhat doji candlestick, showing indecision and hinting at a possible reversal.
- I am waiting for price to form a candlestick reversal pattern on a lower time frame (1-4) before it makes it bearish retracement.
- I can see price testing the 50.0-61.8 fib level, to confirm the change in market sentiment (bullish).
-The 50.0-651.8 Fib levels also align with the neckline of the double bottom, I am anticipating a test of the neckline followed by a bullish up.
Trade active:
Entered Sell @ 0.62125
Trade closed: target reached:
Price reached TP @0.61375