Nzdusdidea
NZDUSD has breached a major weekly level. Short!NZDUSD has breached a major weekly level. The upper trend line was also rejected. Looking for a retest back to the lower trend line and possibly a break of that trend line. -StampsFX
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Looking for 0.6974 level to be blown out NZDUSDLong NZDUSD
I am looking for the 0.6974 level on NZDUSD to be blown out before Wednesday 10pm EST because by this time the market will decide to consolidate. This is not a crazy trade, the set take profit is just the cherry on top for this trade but the main objective is really at 0.6974
Looking to enter at 0.69249
Stop loss is at 0.68910
Take Profit is at 0.69928
I will add updates here as the trade idea progresses.
NZDUSD - Weekly UpdateRecent price action: Bearish
Pattern: Head and shoulders
Long-term momentum: Bullish/ranging
Short-term momentum: Bearish
Bias: Short
Action: Need a break of neckline on head and shoulders pattern to indicate further movement to the downside.
Comments: Price is moving exactly how I forecasted when the right shoulder was forming. High chance of getting a bounce back to the upside once weekly support it hit. Price has not been able to get below this level since April 2016.