On this weekly chart, we are drawing Pitchfork channels on NZDUSD.
On the weekly NZDUSD chart, we can see that the instrument is rejected by the upper Pitchfork channel line 0.7400 level. This rejection could prolong the sideways price action in the pair if we see a break below the 200 SMA 0.7200 level. Trdaers should be careful with the short positions here and wait for the price action because we have an opposing channel on a daily chart. Instead of the short position our trade reccomendation here is the long trade entry.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. Look early next week for a long trade entry with the SL below 0.7170 to target 0.7400 level again in the coming weeks.
Happy trading! (click on the chart to enlarge it)
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