NZDUSD - Short + medium term direction prediction
Trend is down on higher timeframes and also down atm on medium term ones.
The majority of retail traders are also long this market, adding a confluence to a downside trade.
There is a pullback here following a break of some structure that signals continuation on overall trend.
The primary target would make a decent short term target as there will be plenty of stop losses sitting below that structure level so I would not be surprised to see an aggressive movement toward this level and even further toward the proposed secondary target marked.
I would like to clarify that I dont trade with extended targets like the secondary and tertiary ones marked. This might be handy for people who leave runners on their trades.
Also keep in mind that I am only providing potential target levels here. The best thing to do would be to drop down to lower timeframes and look for good areas of value to enter. This pullback is bringing us back to where the neckline of this head and shoulders are taken out so this might be an area of value but only trade this if its part of your plan.
The majority of retail traders are also long this market, adding a confluence to a downside trade.
There is a pullback here following a break of some structure that signals continuation on overall trend.
The primary target would make a decent short term target as there will be plenty of stop losses sitting below that structure level so I would not be surprised to see an aggressive movement toward this level and even further toward the proposed secondary target marked.
I would like to clarify that I dont trade with extended targets like the secondary and tertiary ones marked. This might be handy for people who leave runners on their trades.
Also keep in mind that I am only providing potential target levels here. The best thing to do would be to drop down to lower timeframes and look for good areas of value to enter. This pullback is bringing us back to where the neckline of this head and shoulders are taken out so this might be an area of value but only trade this if its part of your plan.
ملاحظة
S : -1
C : 35,65 - 47,53
R : 73-27
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