NZD/USD has recently moved higher in a strong uptrend and for the past few days/weeks has been consolidating in what could be the first pullback on the higher timeframe. Diagram shows the 4 hour time frame and shows price has bounced twice in the past off of a support zone (purple box). Current price action has just formed a Pinbar on the one hour (my entry time...
Price has fallen below the 9k support area and seems to have bounced at a lower support. Lots of traders shorted this breakout that are now trapped. Price is slowly rising back up to the initial breakout level. I am expecting a breakout of the resistance followed by a short squeeze that has big upside potential.
As of writing market is accumulating below the...
I Ideally would like to see a retest of the pivot high within the resistance zone, looking for a candle with a long shadow to form showing a strong bounce off of the resistance to confirm the change of trend. This would also form a double top pattern.
I would set a stop loss somewhere outside of the resistance zone highlighted below the extreme of the pivot high...
