Nzd/usd has presented us with a short setup during this bearish trend.
Price action has reversed from my weekly resistance in addition to aligning perfectly with my reversal fib zone creating a new lower high. Before entering short on this pair I wanted to wait for a clear reversal and a break and close of the 8ema on the 4H timeframe which has now been achieved. Another bearish confluence that has also occurred is the break and close below the ascending trend line I have drawn in giving me the final confirmation I need to enter this short.
Target 1 (80pips) set at 0.71879 daily resistance.
Target 2 (165pips) is set at 0.7100 monthly resistance which aligns perfectly with my -0.27 fib.
Stops placed @ 0.73100
USD Fomc news at 4pm, if Bostics speech is positive for the American economy this should kickstart the bearish run needed for this pair.
Price action has reversed from my weekly resistance in addition to aligning perfectly with my reversal fib zone creating a new lower high. Before entering short on this pair I wanted to wait for a clear reversal and a break and close of the 8ema on the 4H timeframe which has now been achieved. Another bearish confluence that has also occurred is the break and close below the ascending trend line I have drawn in giving me the final confirmation I need to enter this short.
Target 1 (80pips) set at 0.71879 daily resistance.
Target 2 (165pips) is set at 0.7100 monthly resistance which aligns perfectly with my -0.27 fib.
Stops placed @ 0.73100
USD Fomc news at 4pm, if Bostics speech is positive for the American economy this should kickstart the bearish run needed for this pair.