Simple descending trend channel. In the background the RBNZ have publicly stated they want it to fall and are likely to take action to do that. Wait for PA to touch the upper channel then short for great risk/reward
I am still holding this short - seems to be no brainer but numerous bumps as it travel south - will hold till 0.68009 long term.
As you see there is a high structured consolidation going on on this NZDUSD pair. The consolidation is happening a lon time already, but this one seems extremely structured. Could be a good opportunity, or a pure technical failure.
Price forming the 4th correction wave to the top of the channel and into supply zone. Risk to reward is worth taking a trade.
Price forming 4th wave correction into supply zone, worth taking the risk.
Please look at addition chart for a bigger view. NZDUSD still in a down trend, and the support on the monthly chart is still indicate a very strong power of DXY . The monthly show a structure of a 2 overlap range of price, one in (purple range) and (orange range) as both pointed by a box in the additional chart below. Setup configuration :: (More info with a...
potential bearish flag? targets around 0.62 Stops at 0.6380
This setup is base on the following price confluences. 1. Downtrend on Monthly chart wish has been initiated from a double top @ 0.8800 2. Support and Resistance lines for a very long expectation of down trend. 3. Fibonacci Pivots Points (Yearly) of S1, @ 0.78154 for resistance. Setup configuration :: (More info with a bigger views in the follow up monthly...
we have a double bottom pattern.. still waiting for some entry . if broke the resistance then we are good to go take some pips in a long position..