EUR/NZD - double top or accending wedge, await confirmation
Updated
Hi all,
Here have have the EUR/NZD on a daily chart, as a technical trader we have 2 patterns awaiting confirmation which is a double top - break of the neckline would be a confirmation and we could also have an accending wedge which the green support acts as the wedge, all been well the neckline is the resistance,
One to keep an eye on for bulls and bears depending on how you trade, a break of the neckline and a retest to hold it as support could be a good bullish indicator, specially if the wedge comes into play aswell with a big impulse move, but a break of the previous low and support could be a bearish signal,
* This is not financial advice, this is for educational purposes only and all feedback is welcomed *
Good luck and trade safe
L
Here have have the EUR/NZD on a daily chart, as a technical trader we have 2 patterns awaiting confirmation which is a double top - break of the neckline would be a confirmation and we could also have an accending wedge which the green support acts as the wedge, all been well the neckline is the resistance,
One to keep an eye on for bulls and bears depending on how you trade, a break of the neckline and a retest to hold it as support could be a good bullish indicator, specially if the wedge comes into play aswell with a big impulse move, but a break of the previous low and support could be a bearish signal,
* This is not financial advice, this is for educational purposes only and all feedback is welcomed *
Good luck and trade safe
L
Note
Good bearish candle break through the support to suggest that the selling pressure is on, with a little pullback (with two good retracement candles) The next part would be to short and take profits to the recent low.
* This is my own opinion, and not financial advice, this is for educational purposes only *
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