We saw a nice daily pin bar rejection right on a long term down trend line after a few weeks of rallying up to it.
Shall be looking at lower tf for a nice signal entry to short and then shall be looking to put stop to break even when a 1:1 has been hit and take some profit, and then letting it run hopefully to the double bottom point where the last rally up began.
NZD was very bullish last week and I expect some exhaustion and some bearish downside momentum this week
As you can see price respecting the descending trendline, and a bearish pin bar closing on Friday.
Will wait for markets to open and further confirmation before entering
We now have a clear ascending channel at the top of a larger ascending pattern. Have 2 ideal entries forecast but will need to wait and see how price develops at the start of this week.
will only enter on the DT arc with a clean over ride set up other wise if we continue past this area will be looking at the 3rd touch on the mini channel.
NZDUSD (1H) - short term bullish bias
The kiwi went on a bullish ride ever since it broke above the critical daily resistance level of 0.6430 at the start of the month. The latest consolidation has established solid support at 0.6575 and the rising moving averages are likely to see more trend-followers joining in. The diverging RSI, however, indicates a...