So from the 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 level,which is the golden retracement level.
Also the other thing we notice is break of structure at around 0.64400 on showing a potential for change of trend. More the candle breakout with large momentum( in language i mean we have a big ass 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 reversal pattern and shift of momentum in market structure before shorting
So since we noticed a break of structure in . 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
WE HAVE NFP Tonight so be cation with the trade!! if NFP comes out positive we shall see strong 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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