MY THOUGHT'S ON NZDUSD (KIWI)
I'M CURRENTLY SITTING BACK AND JUST WAITING FOR AN ENTRY FOR EITHER MOVEMENT TO THE UPSIDE OR DOWNSIDE. AS YOU CAN SEE WITH THE ARROWS MY LINE OF DEMAND HAS HELD STRONG AS PRICE ACTION HAS TRIED TO BOUNCE OFF IT 3 TIMES WITHIN THE LAST WEEK. AS I'M NEUTRAL ON THIS PAIR FOR NOW THERE IS ONLY TWO POSSIBLE WAYS THIS CAN GO
SCENARIO A : IN THIS CASE PRICE ACTION HAS BOUNCED OFF OUR SHORT TERM TREND LINE AND HEADING TOWARDS SUPPORT AGAIN. IF WE DO BOUNCE OFF SUPPORT I'LL BE LOOKING FOR PRICE ACTION TO BREAK THE TREND LINE AND GET A RETEST OF THE TREND LINE WERE I WILL ENTER LONG FOR UPSIDE MOMENTUM TO OUR RESISTANCE @0.72700
SCENARIO B: THIS WILL BE QUITE SIMPLE, A BREAK OF SUPPORT WILL LEAD US TO BEING BEARISH, BUT WILL WAIT FOR A RETEST OF SUPPORT WHICH AT THE TIME WILL BE RESISTANCE AND HEADING DOWN TOWARDS SUPPORT @0.70700.
GOOD LUCK TRADING.
SCENARIO A : IN THIS CASE PRICE ACTION HAS BOUNCED OFF OUR SHORT TERM TREND LINE AND HEADING TOWARDS SUPPORT AGAIN. IF WE DO BOUNCE OFF SUPPORT I'LL BE LOOKING FOR PRICE ACTION TO BREAK THE TREND LINE AND GET A RETEST OF THE TREND LINE WERE I WILL ENTER LONG FOR UPSIDE MOMENTUM TO OUR RESISTANCE @0.72700
SCENARIO B: THIS WILL BE QUITE SIMPLE, A BREAK OF SUPPORT WILL LEAD US TO BEING BEARISH, BUT WILL WAIT FOR A RETEST OF SUPPORT WHICH AT THE TIME WILL BE RESISTANCE AND HEADING DOWN TOWARDS SUPPORT @0.70700.
GOOD LUCK TRADING.
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