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FOREX: Possible opening of a short position with the trend on NZD/USD

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Timeframe: Daily

Technical Analysis: The price is currently in a correction mode as Kiwi takes advantage of the weakening of the US dollar. The currency pair, however, remains in a downward trend due to bad fundamentals and macroeconomic factors. The price has twice tested the upper line of the channel and Fibonacci area 23.6 and it failed. Given the pinnacle closure of 28.01 and the subsequent candle that closes below the Fibonacci level with a pronounced bullish tail, we assume that there is an opportunity to detect in the resistance zone short short stop positions.

Aggressive entry into a deal: Entering current market levels with a stop at 0.69181.

Conservative entrance: We are waiting for a possible new test at 23.6 Fibo, where we can position ourselves in a short position.

Alternative Scenario: Breaking and retention of the price above 23.6 will give a boost to the test price of the upper trend line. Upon successful break, the bearish configuration is spoiled.


 Trader Martin Nikolov

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