Possible Short on the NZDUSD
Price gave a short signal on this pair at an area of heavy confluence on the 4H chart.
• The 4H chart shows that price is in an upward channel and has reached the top of that channel.
• Price has neared the long-term downward trend lines on the weekly and the daily.
• A fib retracement of the previous long down swing shows price is at the 61.8% level.
• Price has also reached the 200MA on the daily chart.
• And last, but not least, the stochastic shows oversold and is in divergence with the current price action.
I've marked the areas that I believe price will come back down to for a 1.5-2 Risk:Reward potential opportunity.
For a more thorough explanation find me on instagram: fx_strategery
• The 4H chart shows that price is in an upward channel and has reached the top of that channel.
• Price has neared the long-term downward trend lines on the weekly and the daily.
• A fib retracement of the previous long down swing shows price is at the 61.8% level.
• Price has also reached the 200MA on the daily chart.
• And last, but not least, the stochastic shows oversold and is in divergence with the current price action.
I've marked the areas that I believe price will come back down to for a 1.5-2 Risk:Reward potential opportunity.
For a more thorough explanation find me on instagram: fx_strategery
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