NZDUSD Short
Technical: NZD is trending downwards and retraced to upper median pitchfork line and has been respecting resistance thus far. Also coincides with downtrend line drawn from previous high which price action has been responsive to. Bearish Harami and long legged Doji posted in and around these levels.
Stop entry order placed just below .73 handle.
-Looking to achieve 2/1 Risk/Reward
-Expected levels to watch 0.7250 being previous low
Stop entry order placed just below .73 handle.
-Looking to achieve 2/1 Risk/Reward
-Expected levels to watch 0.7250 being previous low
Note
Order filledNote
Trade is looking good. Further deterioration of NZD thanks to positive USD Retail sales.Stop moved to 0.7276. A move above this level would bring into question bearish trend
Profit target moved to 0.7101 (5/1 Risk/Reward) but will be watching and closing position around 0.7182 should price consolidates and fails to close below this level on a daily close
Note
Trend reversed on FOMC minutes. Stopped out
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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.