Possible long opportunity in NZD/USD very soon! Since the start of Feb we have been in a descending correction on the weekly time-frame from which we have come down to the weekly key level in the region of 0.68000 where we have seen price react. Currently, we are trading within the Lower High and the most recent Low. If price breaks below this level on the daily then i will be looking for selling opportunities rather than buying. However, we have seen 2 days of bullish and indecisive price action around this key level which could mean price wants to take a turn around. This is also in line with the NZD index as price flow is near identical and has printed an indecisive candle with more buying pressure than selling and a morning start candle on the daily. This gives confluence to the fact that price could bounce from here, however there is always the possibility that price could melt through this level but that just means no trade yet. If we do see strong bullish price action or a structure shift on the lower time frames then i will be looking to target the descending trendline as my take profit for about a 5% gain.
NZD Index-
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NZD Index-
Feel free to leave any comments!