NZUUSD SHORTS
Hi traders, my bias on NU is currently short; I am running a position on this trade and intend to hold only for a few hours as this is a intraday trade.
The reason I took this trade is actually quite simple, NU is currently on a downtrend destroying all previous support levels (major levels). Also absolutely destroying a very strong weekly trendline. With this in mind I looked at the current price action of NU and saw it was very close to a major key level of resistance.
Price pullbacked and rejected this major resistance 2 times on the daily and numerous times on other time frames. Also looking at the 4 hour chart we see the EMA is acting as some sort of resistance (highlighted in orange); we see wick rejections of this area which is conveniently a major resistance level.
Finally, all of these confluences enticed me to enter into a short position with a 1:1 RR , currently running in profits but look too close soon.
Thank you for reading, please like and follow if you enjoyed!
The reason I took this trade is actually quite simple, NU is currently on a downtrend destroying all previous support levels (major levels). Also absolutely destroying a very strong weekly trendline. With this in mind I looked at the current price action of NU and saw it was very close to a major key level of resistance.
Price pullbacked and rejected this major resistance 2 times on the daily and numerous times on other time frames. Also looking at the 4 hour chart we see the EMA is acting as some sort of resistance (highlighted in orange); we see wick rejections of this area which is conveniently a major resistance level.
Finally, all of these confluences enticed me to enter into a short position with a 1:1 RR , currently running in profits but look too close soon.
Thank you for reading, please like and follow if you enjoyed!
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