NZDUSD is currently in a downtrend and approaching a clean reversal area. We have a descending trendline which is acting as a guide for our bearish trend. We've rejected the trendline twice before and approaching the third touch.
We're mindful that the market is over extended and freak moves may still occur, which is why we have the structure level above it as our second area for interest.
Trade Idea:
- Watch for bearish price action at the descending trendline
- Once PA appears, entry with stops above the trendline
- Targets: 0.685 (180pips), 0.655 (500pips)
If price breaks above the descending trendline, watch the structure level above it for bearish price action.
Have you seen our DXY breakdown? See below.
Goodluck and as always, trade safe!
We're mindful that the market is over extended and freak moves may still occur, which is why we have the structure level above it as our second area for interest.
Trade Idea:
- Watch for bearish price action at the descending trendline
- Once PA appears, entry with stops above the trendline
- Targets: 0.685 (180pips), 0.655 (500pips)
If price breaks above the descending trendline, watch the structure level above it for bearish price action.
Have you seen our DXY breakdown? See below.
Goodluck and as always, trade safe!
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