Break and retest of ascending trendline, rejection of 50MA, 0.618 FIB and the previous support, now turned into resistance zone.
Looking for a sell down to the 200MA which lines up with previous descending trendline
- We have seen some rejection off the trend line on the most recent daily candle, I would be looking for a pullback up to the 'Golden Pocket' area of the fib, and rejection of the 50 EMA. If we get this, I will be looking to be shorting this pair, potentially long term.
This trade is looking promising from more down side but i will wait for conformation or a bearish breakout before placing a trade and i will filter this on the lower time frame for my entry always wait for conformation on any trade as we trade in probability only.
Looking at a potential short trade on NZDUSD, if you love trendlines you will like this chart! We have a medium term upwards channel. The thicker trendline above is a longer term trendline and it looks like there could be a fakeout on this one. Finally we have a shorter term upwards trendline in which price has broken out of and now I am waiting for a pullback...
I am looking to short EURJPY down to the 2 support levels I have marked on the chart. Strong bullish move over the past 2 weeks and the daily trend is considered bullish so I will take profit at the levels marked.
I anticipate a higher low made on the daily chart next but still a good chance to get some profit from a counter trend short.