Trade Idea- Intraday Short - NZD USD 1HR Entry
Confirmed DT with bearish engulfing, broke through and closed below the ascending 1 hr trendline. Enough to enter there, but awaiting possible pullback to 0 Fib Level (see red line) as there is a supply zone here that price has retested multiple times recently. If it does pull back to that level and drop again to retest around 23.6, this may create a H&S pattern which would be a nice additional confirmation before a potential break down through 38.2 and continue dropping through future extensions at the Fib PRZ levels. Look to enter if close below 23.6. Extra confirmed entry close below zone and 38.2. Also anticipate seeing EMA/SMA crossover happening closer to 38.2. Expect to see some sort of pull back around the 78.6/88.6 level before continuation to extend further towards Take Profit 1 (1.27 Fib) and Take Profit 2 (1.618 Fib). trend line
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