NZDUSD Possible retest and continuation to the downside
Updated
The price recently broke out of the ascending channel (4H) and went on to retest the recent swing high, creating an Equal High (EQH). It then rejected the wedge (W) and downtrend line (M) resistance convergence and continued to push downward. Currently, the price is converging with resistance and the 38.2% Fibonacci retracement level. We anticipate that the price may continue to reject this resistance area and push further to the downside.
**Rationale:**
~ Wedge (W) and downtrend line (M) resistance convergence
~ Multiple rejections of resistance
~ Shallow pullback (Fib 38.2%) resistance convergence
~ Possible retest
~ Possible lower low formation
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
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#scalping
#intraday
**Rationale:**
~ Wedge (W) and downtrend line (M) resistance convergence
~ Multiple rejections of resistance
~ Shallow pullback (Fib 38.2%) resistance convergence
~ Possible retest
~ Possible lower low formation
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
---
#scalping
#intraday
Note
Fulfilled: We eventually got there.
Disclaimer
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