Probable NZDUSD long term short in play
Simplified analysis
Overall thesis:
1. Multi-year support (1994-2020) that spanned decades had just recently broke.
Price action
1. Recovery from an impulsive selloff
2. Confluence of resistance zones
- Recovery heading for a retest of the broken multi-year support turned resistance.
- Also heading for a retest of a horizontal resistance (in blue).
Trend integrity
1. Downtrend since 2014.
Trade type: Position trade. Long term (3 weeks to 1.5 years) trend trading.
Stops placed around 0.6834. Dynamic stops will be activated if setup fails to build integrity, structure and momentum.
Overall thesis:
1. Multi-year support (1994-2020) that spanned decades had just recently broke.
Price action
1. Recovery from an impulsive selloff
2. Confluence of resistance zones
- Recovery heading for a retest of the broken multi-year support turned resistance.
- Also heading for a retest of a horizontal resistance (in blue).
Trend integrity
1. Downtrend since 2014.
Trade type: Position trade. Long term (3 weeks to 1.5 years) trend trading.
Stops placed around 0.6834. Dynamic stops will be activated if setup fails to build integrity, structure and momentum.
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