". There is still a possibility of temporary retracement to the suggested resistance line (1.6860).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
. EURNZD is in a downtrend, and the continuation of the downtrend is expected.
. The price is below the 21-Day WEMA, which...
This has retraced to resistance, looking for it to reject this level and push lower. Target is 1.63124, there are a couple of supports between current price and this target but lots of bearish momentum with this.
We took a short on this forex pair (EURNZD) with the idea that price action could continue the bearish momentum as it has over the last few trading sessions.
RSI is up, Price rejected the 38.2% plenty of time. The middle of the DC is around the resistance too which would indicate that the trend "should" remain bearish.
As we can see on Friday bears made a big push through strong support, i want to see price push back up and re test this area as resistance before pushing down even further. There are around 600 pips between my 2 areas so this would make for a lovely swing trade.
Simple setup that most people wont see as there minds wont let them accept this is a good setup as it...
As you can see this pair is trading within a channel for a while now which is a good thing. Recently we had nice push up and we are almost close to the upper band which also a strong resistance level. Hence I'm anticipating a trend reversal from that point and placed a sell order based on that and expected to reach short term target. I have marked the...