NZDUSD Resisitance Confluence Area, Possible Short Set Up
NZDUSD is currently moving lower after running into some strong resistance this morning. We have the 38.2% Fibonacci retracement level of the move down from the 21st of March high. Resistance from the 0.68400 level which has acted as good support / resistance in the past
and the and the pivot point comes in just below at 0.68345. We do have a rising trendline in place at the moment which seems to be holding for now but expect this to fail soon. Stochastic is currently oversold, we have had a bullish crossover this morning and looks set to move back below 80.
Short trade set up, risk to reward 2:1
Entry 0.68200
Stop 0.684500
Target 0.67700
and the and the pivot point comes in just below at 0.68345. We do have a rising trendline in place at the moment which seems to be holding for now but expect this to fail soon. Stochastic is currently oversold, we have had a bullish crossover this morning and looks set to move back below 80.
Short trade set up, risk to reward 2:1
Entry 0.68200
Stop 0.684500
Target 0.67700
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.