The NZD/USD has been in a significant downtrend since July of 2014 as the USD strength continues to rule the FX Market.
We have seen quite a dramatic pullback within the NZD/USD that has now set us up for an excellent selling opportunity to trade back in line with the overall downtrend.
We have 8 factors of confluence on the daily chart that support a bearish bias.
1. Trading With The Trend
2. Pinbar Sell Signal
3. Double Top Formation
4. Rejection of 50 EMA
5. Rejection of .5-.618 Fib Retracement
6. Rejection of Key Resistance at .7600 (Previous Key Support)
7. Rejection of Descending Channel Trendline
8. Bearish Wedge Continuation Pattern
We have two entry options available to use, both offering great risk-reward ratios.
I expect this market to breakdown and target the next KEY weekly support at 72 cents. Breaking below 72 cents opens up the gates for 70 cents as the next downside target.
We have seen quite a dramatic pullback within the NZD/USD that has now set us up for an excellent selling opportunity to trade back in line with the overall downtrend.
We have 8 factors of confluence on the daily chart that support a bearish bias.
1. Trading With The Trend
2. Pinbar Sell Signal
3. Double Top Formation
4. Rejection of 50 EMA
5. Rejection of .5-.618 Fib Retracement
6. Rejection of Key Resistance at .7600 (Previous Key Support)
7. Rejection of Descending Channel Trendline
8. Bearish Wedge Continuation Pattern
We have two entry options available to use, both offering great risk-reward ratios.
I expect this market to breakdown and target the next KEY weekly support at 72 cents. Breaking below 72 cents opens up the gates for 70 cents as the next downside target.
