NZDUSD SHORT IDEA
We’re still looking bearish on this pair and it has been consolidating in the current price range near the daily 38.2% fib level
All last week NU has been ranging within a rectangle pattern and we are currently waiting for conviction
At the current price zone there a little bit of confluence: the daily 38.2%, major resistance, broken monthly structure which is now acting as resistance
For us to confirm a sell we need to see some strong bearish movement from this level. Ideally a bearish engulfing down and out of this rectangle and through the moving averages would be perfect.
We’re looking to target toward our weekly support around 0.62750 which is about 140 pips lower from current price
We’re still looking bearish on this pair and it has been consolidating in the current price range near the daily 38.2% fib level
All last week NU has been ranging within a rectangle pattern and we are currently waiting for conviction
At the current price zone there a little bit of confluence: the daily 38.2%, major resistance, broken monthly structure which is now acting as resistance
For us to confirm a sell we need to see some strong bearish movement from this level. Ideally a bearish engulfing down and out of this rectangle and through the moving averages would be perfect.
We’re looking to target toward our weekly support around 0.62750 which is about 140 pips lower from current price