In this pair, I have analysed and come up with two possible scenarios. The two uptrends shown are very strong and likely to continue. I believe that price may bounce of the first trendline (blue arrow) however if it does breakthrough, it will bounce of the second trendline (green arrows). I believe the second trendline is more likely as it has only had 2 touched...
The New Zealand Dollar had a major downfall earlier this month, however price has built back up slowly but surely forming an uptrend. It has had two touches on the trendline that form a clean 'M' formation which I am looking to go short to complete. I am now waiting on a candlestick confirmation for pin-point entry.
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Update on this pair. The market has been accurate to my predictions. I'm looking to go short when price bounces off the trendline until just after the previous lower low.
Focusing on recent activity, starting 02/02/2017, this pair has been in a very strong downtrend. I usually trade when price bounces off the trendline but I have seen enough confirmation to believe I could potentially go LONG to the trendline. Price has hit my daily support and has formed a hammer candlestick formation.
This is a great opportunity for a very long-term LONG position. The pair has been in a strong downtrend since 2008. From Feb 2016 it has shown strong bullish action focusing on the candlesticks. I believe it could hit the weekly resistance and bounce off to now begin either a uptrend or consolidation.
Looking at the 4h chart, this pair has been in a downtrend since the 9th. I believe it will breakthrough this trend to eventually hit the daily resistance. For more confirmation, it has also just bounced off the weekly resistance which price has been continuously doing since the start of the month.