After a bullish move for several hundreds of pips, NZDUSD has finally reversed.
The reason for this was a second batch of poor economic data, and the strengthening of the US Dollar.
Above is my position, which satisfies my risk to reward ratio of 1:2, which is still open.
As the week was nearing the close, volatility just kind of dried up and price began moving side to side.
This is known as accumulation.
The setup is basically a continuation setup, with a slanted resistance trendline indicating lower highs.
I will likely add to my position if price breaks this structure.
The reason for this was a second batch of poor economic data, and the strengthening of the US Dollar.
Above is my position, which satisfies my risk to reward ratio of 1:2, which is still open.
As the week was nearing the close, volatility just kind of dried up and price began moving side to side.
This is known as accumulation.
The setup is basically a continuation setup, with a slanted resistance trendline indicating lower highs.
I will likely add to my position if price breaks this structure.
Note
Price currently retesting broken support of structure as resistance, more movement soon.
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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.
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.