Evening Traders,
Today’s analysis – NZDUSD- treading towards technical resistance where a rejection is probable,
Points to consider,
- Price Action Impulsive
- .618 Fibonacci Resistance
- Swing Low Objective
- 200 MA S/R
- Below Average Volume
NZDUSD’s immediate price action is impulsive under a key S/R zone; a bearish retest will allow us to have a bearish directional bias.
The .618 Fibonacci is in technical confluence, clearing this level will negate the trade setup.
Current swing low is objective, price action exceeding this level will increase the probability of breaking the 200 MA.
The immediate volume node is below average, an influx is highly probable when testing key trade locations.
Overall, in my opinion, NZDUSD is a valid short with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
The goal of a successful trader is to make the best trades. Money is secondary. – Alexander Elder
Today’s analysis – NZDUSD- treading towards technical resistance where a rejection is probable,
Points to consider,
- Price Action Impulsive
- .618 Fibonacci Resistance
- Swing Low Objective
- 200 MA S/R
- Below Average Volume
NZDUSD’s immediate price action is impulsive under a key S/R zone; a bearish retest will allow us to have a bearish directional bias.
The .618 Fibonacci is in technical confluence, clearing this level will negate the trade setup.
Current swing low is objective, price action exceeding this level will increase the probability of breaking the 200 MA.
The immediate volume node is below average, an influx is highly probable when testing key trade locations.
Overall, in my opinion, NZDUSD is a valid short with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
The goal of a successful trader is to make the best trades. Money is secondary. – Alexander Elder