NZDUSD Short. Possible bear flag breakout but tricky situation
The price tested EMA above and reversed strongly from it. Bear flag and a strong bear bar on 4h. A 3-push wedge on Daily (see chart below).
Yet, the current point is a 50% pullback from the last bull trend and a test of the long-term trend line. I´m setting a tight stop just beyond the bear flag max and a respective small 1R target. Also staying short UCad at the top of the bull channel so let´s see which side prevails.
Daily:
Yet, the current point is a 50% pullback from the last bull trend and a test of the long-term trend line. I´m setting a tight stop just beyond the bear flag max and a respective small 1R target. Also staying short UCad at the top of the bull channel so let´s see which side prevails.
Daily:
Comment:
Trade closed with a small loss. Bulls prevailed as expected. Will watch for a long on the close of the current 4h bar.