Looking at NZDUSD for the coming week, looking at the chart pattern i'm expecting price to retrace to the support zone and following the hour trendline. The stochastic indicator is also showing the market is over bought, suggesting a drop.
With a 1:2 risk to reward ratio, looks to be a nice profitable, bearish setup. What do you think?
potential short opportunity on nzd/usd here. NZD news also at 9:45. watching this pair closely after higher time frame fake out of descending trendline. a lot of retail traders would have been looking at going long upon lower time frame breakout. minimal lot size
potential dxy conf after huge drop could rise at the support level, aud news at 3am , ny sess. high, 500 psych level, very good sess conf. on 4hr/daily s/r chart there is a previous support zone at this level which i am now using as a resistance, maybe should wait for better price action confirmation in terms of higher timeframe candlestick rejections/patterns....