For this week outlook, the obvious possible trend change is located on NZDUSD pair. You can see a double top forming on NZDUSD monthly chart which indicates an early possible reversal supported by the doji forming at rejection area that indicates trend has begin to lost power. Price is rejected on an area of resistances at around 0.75039 since there are a Monthly R1 pivot, Weekly Pivot and 78.6 Fib from high 0.82140 to low at 0.48960.
Looking at the 4H chart we also see a possible Head and Shoulder pattern forming. And if price penetrated and closed below the support area at around 0.74353, we might have the pattern forms already.
We might get some opportunity to trade with intraday trading since the short term outlook is to the downside for this pair if there is any chance of an overbought situation on the price or resistances we can look to scalp the trade with tight stop loss in it.
Latest posts by admin (see all)
- Money Management in Forex: More Than Just Trading - February 17, 2018
- Identifying Trends through Synchronization - February 17, 2018
- Using Multiple Trendlines to Identify Better Trades - February 15, 2018
Winner’s Edge Trading, as seen on: