On the 1hr chart, we can see price has previous rejected at the current 1.68250 level. Creating a resistance zone.
I'm expecting price to retrace back to the highlighted Support Zone.
You can see from at the end of last week, price broke the ascending trend and has retested. This usually indicates a heavier sell off.
When you bring out the Fibonacci, you can...
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.
I've currently just entered a sell on EURNZD. This is a personnel trade and is being used as a testimonial on a new trading strategy that im currently working on. im excited to see the result here and will keep you guys updated as we go into the evening.
the trade details were as follows:
ENTRY @ 1.68027
SL @ 1.68746 (44 PIPS)
TP @ LEFT OPEN
From a higher timeframe perspective, this pair has been travelling between a wide range.
When the market creates ranges it also accumulates orders at supply and demand regions.
I believe we may see a scoop below the previous support then a re-entry into the range, as illustrated.
Wait for the retest of the bright blue-green declining trendline on the 1HR chart and enter on success
Looks clean, initial TP will be at the previous swing highs as indicated
Depending on momentum at this point may leave in 30% to try to run higher as the shape height suggests the TP should be nice and high
Stops just below a key SR level, not risking more than...
I took this trade with the team before Christmas and it is now beginning to flourish. You will notice that price bounced from a prior support zone and has now shifted structure, this is a good indicator that bulls could be ready to take over.
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.
Whilst the majority are seeing EURNZD buys because of the inverse head and shoulders pattern that has formed, I still see sells. I will be targeting the previous lows as I think liquidity and orders could reside there. Ideally I want to sell and the go long after the stop loss hunting.