NZDUSD Potential Short!!! for OANDA:NZDUSD by ShinForex1 — TradingView


WEEKLY TIMEFRAME
So from the weekly timeframe we see a price is in a downward trend with respective “LOWER HIGHS” AND ”LOWER LOWS” when you pull the fib tool you currently see price perfectly at the 61.8% retracement level,which is the golden retracement level.

Also the other thing we notice is break of structure at around 0.64400 on weekly timeframe showing a potential for change of trend. More the candle breakout with large momentum( in candlestick language i mean we have a big ass bullish long candle) so shows there is strong buying power to the upside

we have a key weekly resistance at around 0.65700 ,few pip away from the 61.8% fib level. so we could see a potential market manipulation or fakeout before retracing .always wait for confirmation from candlestick reversal pattern and shift of momentum in market structure before shorting

DAILY TIMEFRAME

So since we noticed a break of structure in weekly timeframe . lets break it even more down in the daily. we draw our fib from the higher low at around 0.63278 to the current price which is 0.65600 so we see price retracing all the way back to test the broken resistance that became a support ,confluence with 50% fib level.

H4 &H1 TIMEFRAME

We see steep slop of the uptrend, all we have to wait is rejection from the 61.8% weekly fib level or rejection from 065700 and shift of momentum. meaning price has to change trend from uptrend to downtrend in lower timeframe like M30 or M45

Note

WE HAVE NFP Tonight so be cation with the trade!! if NFP comes out positive we shall see strong bullish move in dollar. which is good for nzdusd short

always use proper risk management and document your trading setup

our NZD/USD SHORT target 1=064700

target 2 =0.64500

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