💡 Ensure proper risk management when following signals! 💬 Comment: "After the last bearish movement, the chart hasn't shown signs of reversing the trend, and it seems unlikely to turn bullish. It appears to be more of a pullback, and if this idea holds true, the chart probably won't reach the highest level of this pullback.
Reason for Selling:
Bearish Momentum:The NZD/USD pair has been trending lower, and the bearish sentiment is expected to continue, suggesting a good opportunity to sell. Resistance Zone: The price is near a resistance level, making this a strategic entry point for a potential downside reversal.
Entry Point Justification: Entry at 0.62057: Positioned just below the resistance area, allowing you to take advantage of the expected rejection and potential sell-off from this level.
Take Profit Targets:
TP1 (0.61885): A quick target to capture early gains from the initial price drop. TP2 (0.61565): A more moderate target, aligning with a continuation of the bearish trend. TP3 (0.61018): Positioned to capture a larger move, aiming to benefit from a deeper retracement if the downtrend accelerates. Stop Loss Justification: SL at 0.62187: Set just above the recent resistance to protect against any breakout, while keeping the risk-to-reward ratio favorable."