NZDUSD is moving in a downtrend. I tried to draw lines, and it looks like a symmetrical triangle is more likely to be traded today. It's first seen that price attempted to push above the triangle, but it fell straight down again, leaving the upper side with a big wick, also known as a rejection candlestick. Price then continued to move below with a steady movement and steady pullback up again as well. I see that it's currently very deep back into triangle pattern, kind of making the whole pattern more invalid. I think another key factor to think about is that trend lines aren't always straight lines when it speaks to the market, it can also move in zones that extend beyond and below a trend line. At the current moment, price eventually managed to not just push below triangle, but is also gaining momentum down. So here is my trade. Hope you all find success.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.