matthogg
Long

NZDUSD - Potential long setup

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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I have a bearish outlook generally regarding the dollar - with reference to DXY             , price is still consolidating and moving towards significant weekly resistance. If there is a bounce (and I'm hoping there is), NZD could be the play against it to make some pips.

On NZDUSD             , there has been a strong move up with price in consolidation since the beginning of February. Price broke out of the 'triangle' formation yesterday and has since retraced to test the upper trend-line. If this holds, I am currently waiting on a bullish signal to place an order.

Also, you could argue that a head and shoulders formation is in the process of forming. The initial target would be the neckline however, assuming the analysis is correct, this could represent a decent swing trade to hold over the summer months.
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