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The NZDUSD has been in a long term uptrend quite frankly since bottoming out in early 2009 recently capping at multi-year highs at .8300. There has been a turn down from those highs and is now showing signs of potential reversal on multiple compressions.
Begining on the Daily chart below there has been an open/close below the daily trend line that originates from March of this year. This O/C candle also forms below the previous resistance back in April and before the highest high. Looking forward, a few weeks, if the pattern persists we could set up a Head and Shoulders on the Daily….only potential at this time.
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On the 4hr chart we can see an intraday climb back under the 0.8100 resistance/support coupled with the .618 fib of the former downtrend. This test also comes back under the Daily trend line in red and the 4hr trend line in blue as seen below.
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Viewing the pair on the 1hr chart one last indicator giving confirmation of resistance between .8100 and .8117 is the Tunnel that intersects with the two larger compression trend lines.
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All of this leads me to focus my attention on the sell side for this pair. The only thing that will change this outlook is a Daily O/C above 0.8100.
Hi Ross, is it possible to get an e-mail alert from you when you post a new trade
Thanks Lex
Lex, here is a link that you can use to get the Trade Alert Pro (TAP) software that I post all of my trades on.
Thanks Ross I look forward to first Trade
Regards Lex
Hi Ross, i have registered on the link you gave me but i have never received any software alert
Thanks Lex