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NZDUSD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of NZDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 42 - 12 Oct M > Market is moving in a downward channel. Price broke out of channel to test monthly resistance level. This level previously pushed price to downside and we expect price to get pushed down again. Price can drop down to create inverse H & S before making huge bullish move to the upside. W > Price moved out of channel creating HH and HL, after rejection at resistance level price made an attempt to drop down but was unable to break support created by last HL, this also coincided with top of channel acting now as support. D > Price moved up in a rising channel creating and respecting W and M formations. Price made double bottom at support created by last HL. While dropping down from resistance level price created an M formation and as expected price pull back to test neck and complete the formation. Price was creating LH and LL but last bullish candle has broken resistance created by LH creating questions around our setup. We are aware that support created by top of monthly channel is now a big task for revalidation of our expectation from monthly chart. Price can drop creating a new LL and testing top of channel as support. This can push price to the upside. Price will have to break this level to further continue with bearish move. As per COT NZD had closure of few Long and major Short increasing net positions, confirming strength of ZXY for the said week. Short positions have reduced to least in current year. ZXY has been gaining strength slowly since June 2020. ZXY improved its position last week. 4H > Price has approached supply zone creating HH and HL, we need to monitor price action for reversal of current trend. Pair Correlation > Pair has a positive correlation with AUDJPY, AUDUSD, NZDJPY and AUDCHF and negative correlation with USDCAD, EURAUD and EURNZD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Short
by AP17FX
NZDUSD SWING TRADE 08-Oct-2020Good day friends. Give us a thumbs up if you like our idea. Follow my profile to get new ideas and trade setups everyday NZDUSD-Technical/Fundamental analysis NZDUSD has firmly broken the trend line which is holding the bullish trend since September 25 The broke and retest was happened on October 06 which triggered the further selling of NZD dollar. And the weak monetary policy by the RBNZ is the main cause for the accelerated selling of NZD dollar. Yesterday the Reserve bank of new Zealand members reiterated that they will cut the policy rate to below zero level which is a clear sign for the bearish trend in NZDUSD in coming days. The risk off mode in the market will help the USD to gain some pips against its counterparts such as euro , pound , kiwi dollar , Aussie dollar and Lonnie. The price of NZDUSD is currently trading between the .382 and .50 Fibonacci retracement level. It was traded in a narrow range from October-01 to October-06 and then seen a sudden drop towards 0.65500. And currently its retraced back towards .50 Fibonacci. Before this drop a minor consolidation phase was formed with the double top. And the price is reached the major resistance level in price action the previous consolidation phase will act as support for the bear. The swing target will be around 0.65110 and stop lose may placed above the .6615 which is a .382 Fibonacci level SWING TRADE - NZDUSD Sell @ 0.65865 Take profit @ 0.65165 Stop lose @ 0.66115 70 Pips target Don't risk more than 1% of your capital
Short
by forexorbit
NZDUSD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of NZDUSD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 06 Oct M > Market is moving in a downward channel. Price broke out of channel last month to test monthly resistance level. This level previously pushed price to downside and we expect price to get pushed down again. W > Price moved out of channel creating HH and HL, after rejection at resistance level price made an attempt to drop down but was unable to break support created by LH. D > Price created double bottom at support created by demand zone. While dropping down price created an M formation and as expected price pull back to test the neck and complete formation. This will also bring liquidity to make an aggressive attempt to the downside. Price is now testing resistance level and we expect price to face rejection at this level and drop. As per COT NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week. 4H > We can see loss of momentum as price is unable to create next HH. This setup will be invalid if price creates a HH on 4H timeframe. Pair Correlation > Pair has a positive correlation with NZDJPY, AUDCHF and AUDUSD and negative correlation with EURAUD and EURNZD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Short
by AP17FX
NZDUSD is trading in a tight rangeNZDUSD The swing momentum was slowed and downward trend was resumed after reaching the September high 0.67880 it felled towards 0.66000 level. The key support price also broken at 0.67416 which is a clear sign of bearish trend and now this pair is trading in a range. We can short this pair and the potential take profit would be 0.66000 which is a 61.8% Fibonacci and key psychological level. Stop lose may place above the 0.67400 level. Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas Disclaimer It’s not a financial advice. Do the analyze and take a decision.
by forexorbit
NZDUSD - sell biasedHi all traders, For NU, im actually looking for more downside for this pair. Reason being. This pair have reach an important level. Any attempt to touch the trend line, we should be looking for sell opportunity for now. However, if the trend line is broken strongly , we might see it test the top level again and if fail, we should continue sell again. The reason for it being sell biased is also mainly due to usd strength. Of course if, USD strength does not appear. We should be looking for continuation upwards. But for now, im still sell biased until i see the top level is broken. Cheers and trade safe! =) Like and share my trade idea with your friends and follow me on tradingview if you wish to have more analysis of such pairs. Thanks!
Short
by FxTradingWarrior
1
NZDUSD local signal (SHORT)Hello friends. Please support my work by clicking the LIKE button(If you liked).Thank you! Everything on the chart. open pos: market targets: 0.656 - 0.654 - 0.652 after first target reached move ur stop to breakeven stop: 0.6635 (depending of ur risk). ALWAYS follow ur RM . risk/reward almost 1 to 4 Good luck Follow me on TRADING View, if you don't want to miss my next analysis or signals. Good luck. It's not financial advice. Dont Forget, always make your own research before to trade my ideas! If i help you to earn some money i will RLY VERYVERY appreciate for your donate. Open to your questions or suggestions(PM to me).
Short
by trytofeelpositive
1