The pair is gaining strength but we can see the possible formation of H&S pattern at the resistance area of 1.625. I will keep this pair on my watchlist.
The way I am intending to trade this is wait for the price to reach that area of resistance and look for bearish candlestick formation and/or confirmation from RSI/MACD.
The way I am intending to trade this is wait for the price to reach that area of resistance and look for bearish candlestick formation and/or confirmation from RSI/MACD.
Note
It wasnt the perfect move we wanted but I did enter this trade at the break of structure (black horizontal line). Price is reacting very well but we need to be careful as there are Chinese news on Monday at 10am Beijing Time that will affect all NZD and AUD pairsNote
The pair has broken the H&S formation and now we will be looking at an opportunity to add to this trade on the are highlighted by the red lineTrade closed manually
Closed it a bit too early but great profit!! Beers on me!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.