As you can see on this daily NZDUSD chart, the pair has been trending down and has already again touched the top of the resistance trend line. MACD is also about to cross back down. Placing your SL just a bit above the resistance line and TP near the bottom of the support line would be ideal. A simple trade set up, you may wait for price to retest the resistance line again to enter or wait for price to break the 0.65000 level to enter.
Note
Price look to be making higher lows at the moment, creating a triangle. Will be watching for price to break the support trend line to enter a short. If price breaks to the upside this trade will be invalid.
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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.
Disclaimer
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.