In this article, we want to give you a “heads up” on NZDUSD.
The pair is inside the consolidation triangle from the beginning of the month and the price action is showing the signs of exhaustion which means that we could see a bigger movement in the coming days. The triangle has been formed after the break below a 0.6850 level, the strong downside resistance. This level now represents a strong downside support.
Since this triangle is coming after the strong downside resistance break we are giving the higher probability that this will be a continuation triangle rather than a reversal triangle. For the downside continuation to happen, 0.6810 level needs to hold. We need to wait for a downside break below the 0.6750 level for this to be marked as a downside continuation triangle and to trigger the short trade entries.
Looking at this like a trade opportunity the bigger reward will be on a short trade entry. Look for a reversal from the 0.6810 level for a bearish price action and choose sell entries for now placing a stop loss above the 0.6850 level.
By using our top-down trading technical analysis we have identified the key levels which will be triggers for the entry and exit, based on the present market conditions of the instrument.
Happy trading! (click on the chart to enlarge it)
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