NZDUSD 4H Short Potential
Messy Graph, I won't be taking this trade due to price previously bouncing off of this strong support area. I do believe that due to fundamentals we will see a further drop. The markets are very unclear at this point in time and mainly everything is being controlled by the spread of the Corona Virus, for my ideal short set up, this is what I would like to see. However I would be tempted with a break of the low, or even a break below support and then a re-test for a swing trade to the downside.
Confluence 1: Down trend
Confluence 2: Fundamentals controlling the markets pushing stock down
Confluence 3: Price was ranging, broke the range and potentially looking at a break and retest
Confluence 4: Price is respecting it's trend line completely
Confluence 5: Last 4h candle showing nice rejection
Confluence 6: Daily indicating down trend
Confluence 7: 200ema supporting downward momentum
Confluence 1: Down trend
Confluence 2: Fundamentals controlling the markets pushing stock down
Confluence 3: Price was ranging, broke the range and potentially looking at a break and retest
Confluence 4: Price is respecting it's trend line completely
Confluence 5: Last 4h candle showing nice rejection
Confluence 6: Daily indicating down trend
Confluence 7: 200ema supporting downward momentum
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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.