Potential Bearish Opportunity on NZDUSD

Bullish trend close to reaching major resistance level on the Weekly Charts with potential Double top on both the Daily and 4Hr Chart which provides us with a nice retracement opportunity off the resistance level with a huge Risk-reward ratio. For this opportunity, given the very deep V on the potential double top in addition to the existence of multiple support levels, I recommend setting targets to the closest support level as shown. If the price breaks the V-line and confirms the double-top, then there is a potential for a reversal of the bullish trend.


Let me know your thoughts.

Trade active

Trade closed: target reached:

Nice +34pips on this opportunity