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
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