NZD/USD - Reached strong resistance area
Hello everyone
I am posting my plan for the NZD/USD currency pair. After a very long uptrend that started in the middle of May, the pair has finally reached a strong weekly and daily resistance area around 0.7325. The weekly candle closed below that area and currently the pair is moving down on the Daily time frame, so a possible bearish engulfing might occur by the end of the day. In the last few months when the pair reached this area, we saw a development of a new downtrend which lasted for at least a week, sometimes more. A few times the area was broken by a daily candle, but quickly retraced below it the next day, giving us information that traders want to keep the price below that level. Due to statistically better chances of the pair going down again from this area, I have made only a Sell scenario. Now jumping to the H4 time frame where my plan was made. I have divided the area between the Resistance Area and a Middle Area where the pair hesitated in the past or the trend was shifted, in to two Sell Zones. At a price of 0.7195 we have a support level, which should be monitored and if a shift in the H4 trend occurs to stop our position. If the support level is broken, we will enter in to our Sell Zone 2 up until 0.7115, where we have another probable support level on the H4. Right below that level is the Middle Zone which is our main target in the long run. Below you can find information regarding the zones:
Sell Zone 1: 0.7260 to 0.7195
Sell zone 2: 0.7185 to 0.7115
I will be looking for spots to Sell the pair on the M30 time frame. I will also post Live Signals on Twitter if we have a good opportunity, so do not forget to follow us there.
At the end of this month I will post a statistical article about our trades and our plans for this month, on our official blog: www.dmtrading.bg/blog/?lang=en
I wish everyone good luck and a profitable week! :)
I am posting my plan for the NZD/USD currency pair. After a very long uptrend that started in the middle of May, the pair has finally reached a strong weekly and daily resistance area around 0.7325. The weekly candle closed below that area and currently the pair is moving down on the Daily time frame, so a possible bearish engulfing might occur by the end of the day. In the last few months when the pair reached this area, we saw a development of a new downtrend which lasted for at least a week, sometimes more. A few times the area was broken by a daily candle, but quickly retraced below it the next day, giving us information that traders want to keep the price below that level. Due to statistically better chances of the pair going down again from this area, I have made only a Sell scenario. Now jumping to the H4 time frame where my plan was made. I have divided the area between the Resistance Area and a Middle Area where the pair hesitated in the past or the trend was shifted, in to two Sell Zones. At a price of 0.7195 we have a support level, which should be monitored and if a shift in the H4 trend occurs to stop our position. If the support level is broken, we will enter in to our Sell Zone 2 up until 0.7115, where we have another probable support level on the H4. Right below that level is the Middle Zone which is our main target in the long run. Below you can find information regarding the zones:
Sell Zone 1: 0.7260 to 0.7195
Sell zone 2: 0.7185 to 0.7115
I will be looking for spots to Sell the pair on the M30 time frame. I will also post Live Signals on Twitter if we have a good opportunity, so do not forget to follow us there.
At the end of this month I will post a statistical article about our trades and our plans for this month, on our official blog: www.dmtrading.bg/blog/?lang=en
I wish everyone good luck and a profitable week! :)
Kommentar:
The pair is still hanging below the Daily Resistance Area, so I continue monitoring it. As soon as we have a chance I will post Live signals on Twitter :)
Kommentar:
Pair broke a trend line and we currently have a square formation on the M30 time frame. If the bottom of the formation is broken today, I will post a signal on Twitter.
Kommentar:
After a very long time standing on the top the pair finally decided to start moving down according to our plan. I will be looking for Sell opportunities and posting Live Signals on Twitter. I will also update here if anything new happens.