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Nzdusdidea

NZDUSD reversing nicely below major resistance!Price is now reversing nicely below our major area of resistance from 0.7042 to 0.7084 (38.2% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap resistance). Our next major level of support is at 0.6823 (Fibonacci extension, horizontal swing low support) and our next major level of resistance is at 0.7214 (Fibonacci retracement, horizontal swing high resistance). Stochastic (55,5,3) is seeing major resistance at 94% where a strong reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
NZDUSD H4 Potential SetupAt the moment we have NZDUSD following a nice bullish channel, it has broken the daily trendline (dotted) however rejected a resistance level of 0.68961 . I will now be watching to see whether it continues to follow the bullish channel upwards if it falls to the trendline and rejects. If it does reject the trendline and remain bullish I can see it then breaking the resistance level that was earlier respected and continuing up. If not, it may break the channel and short to at least the 0.68300 level where it will meet a support which has previously held up. This evening we have four news releases coming out of New Zealand with regards to their trade balances and import / export numbers. Looking at the consensus of the releases it is a difficult one to be confident with, I will be waiting for either a move to the downside and a break of the channel or a rejection and upside movement to around the 0.69500 psychological level.
by JordanWillson
NZDUSD : CLEAR HEAD & SHOULDERS PATTERN FORMING?Hi traders! As I looked through my charts this morning, NZDUSD spoke to me. I'm seeing a head and shoulder pattern forming on the daily time frame! I'm torn though because I don't see the USD getting stronger but the NZD can make a case for itself to be a weak currency at the moment too. MACD is almost crossing and RSI bounced off the 50 line. The RR is pretty awesome if this trade fall through, as the initial TP would be hit and I could let the price go down some more and just trail it. NZDUSD SHORT : ENTRY : 0.73199 SL : 0.73921 TP : 0.71117 For me, the 70 pips risk looks like it's worth it. It's a risky-er trade than the one I usually post but the analysis is on point. Trade safe guys!
Short
by ScottMescudiForex
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