WK20, NZDUSD, Short idea, multi time frame
Weekly analysis:
March saw new 10 year lows of around 0.57 and week 20 saw a bearish engulfing candle of week 20. So far this week there has been strong bearish momentum up to a daily resistance level of 0.6145
Daily analysis:
Yesterday price tested the resistance range around 0.6145 again for the 3rd time in the last 21 days. Look to lower timeframes to find entry opportunity for short
1H analysis:
At this timeframe level we can see a supporting trendline up toward the daily resistance level.
IF there is a break of this trendline to the downside
THEN I will make enter a short trade IF there is a retest of a previous local support/resistance level.
However - IF a daily candle closes above the resistance range THEN price may move to the upside and this trade idea will be invalid.
Target 1 : 0.601
Target 2 : 0.5925
March saw new 10 year lows of around 0.57 and week 20 saw a bearish engulfing candle of week 20. So far this week there has been strong bearish momentum up to a daily resistance level of 0.6145
Daily analysis:
Yesterday price tested the resistance range around 0.6145 again for the 3rd time in the last 21 days. Look to lower timeframes to find entry opportunity for short
1H analysis:
At this timeframe level we can see a supporting trendline up toward the daily resistance level.
IF there is a break of this trendline to the downside
THEN I will make enter a short trade IF there is a retest of a previous local support/resistance level.
However - IF a daily candle closes above the resistance range THEN price may move to the upside and this trade idea will be invalid.
Target 1 : 0.601
Target 2 : 0.5925
Trade closed: stop reached