NZD under pressure once again (monthly)The neckline to the double top pattern at 0.74 has once again come out on the winning side, the confluence of the daily up sloping channel and a descending one. The formation of a daily shooting star adds proximity to a hurdle.
With the weekly RSI closing in on resistance, upside is likely to remain capped.
In the short term a correction towards 0.7060 of the recent rebound is likely
Nzdusddaily
NZD/USD LONG with a SHORT SAFETYEntry 0.73000
Simple price action for this one. Possible long with the first target at 0.74000 which is sitting on the weekly S&R and possible targets of 0.7600 which is resting on the monthly S&R.
A break of the second level of resistance will confirm the end of the downtrend and give me more confluence that the pair will continue its bullish movement.
The possibility of the current bullish movement correcting after its break of weekly trendline resistance isn't that strong after it already retested the resistance but best to be safe and so a short has been set up with an entry on the re-enter of the weekly downtrend and targets set by the monthly trendline support 0.70000
Review, comment & like and enjoy.
Engulfing kicker at daily resistanceHey guys,
today i want to share a traditional structure based trade that's on my watchlist today. On the left hand side of the chart you can see on NZDUSD we are fronting a key resistance level that may stop price action's rally. If you follow me for a while you know i'm a conservative trader and that i need additional reasons for entry in order to set my orders.
On the 4 hr chart (on the right hand side) you can see a closer look to the last price action's movements. Price's forming a triple top right now with RSI divergence. From my bigger view i know i want to be bearish and then i'm considering only shorting opportunities.
Price is also putting an engulfing kicker which i sometimes use as reason for entry. And that's the case!
If the current candle will close below the previous opening i'm going to sell this. With targets and stops as indicated above.
Let me know if you have any doubt.
Otherwise, see you in the next chart!
NZDUSD The CrossAs mentioned on other charts. Magic-t can be a tough tool to work with around new year. Nonetheless a golden cross just happened between 55MA and 200MA, just when this downward zig-zag is about to reverse. Other indicators agree it is currently overbought. Wait till the price is under 10EMA, 55MA and 200MA and that will be good confirm on the short.
so glad we did this!!Morning guys,
Weekend is almost over and I will be enjoying the last few hours before the markets opens and another action packed week begins.
Recent rallies have been quickly sold implying NZD cannot remain at these higher levels against the dollar. November confirmed the negative momentum and after yesterdays rate further enhancing the negative outlook for weeks to come.
have attached the previous nzdusd chart for comparison purposes, all the best with this position into the new year.
Likes and comments always appreciated!
NZD/USD, SHORT, DAY CHART (24-DEC-2016)Note: Congratulation to those who follow our winning
trade last week.
Overall, we are bearish on this pair due to both H&S
pattern and the trend following.
We have 3 Trading Plans for this trade now:
1. Wait the price correction back to resistance zone,
followed by bearish signal to short. Short with right risk
amount.
2. Watch the immediate support line at 0.683 level,
pullback high likely happen here. Wait for bearish
signal to short after breaking this support line.
3. Short now with little risk amount.
NZDUSD Bearish signal confirmation on weeklyMorning Traders,
The recent upward spike was quickly and decisively reversed, once again providing strong evidence of N.U's inability to maintain rallies above .730
Targets 0.66650/0.6700
Best of luck and congratulations to our premium members who have made the most of recent fx volatility.
Thanks and thumbs up if you found this helpful!
NZDUSD Vulnerability! Evening guys,
Recent rallies have been quickly sold implying NZD cannot remain at these higher levels against the dollar. November confirmed the negative momentum and after yesterdays rate further enhancing the negative outlook for weeks to come.
I have attached the previous nzdusd chart for comparison purposes, all the best with this position into the new year.
Likes and comments always appreciated!
NZDUSD Magic-T Says ConsolidationA quick draw up of the most obvious Magic-T's, it's clear that NZDUSD it heading towards a consolidation. Notice the high volume, starting 2016-11-08, now been sinking for a while. Building up cash to the next event starting soon at current price. I'm leaning towards a short, depending on the fed news tomorrow, (whether we get a rate rike or not). For me it looks like it's losing steam, and will be consolidating around 0.72238 and reverse.