Hey hey TradingView fam! Hope you are all doing amazingly well! I just wanted to make another post on here for another currency pair that I see potential opportunity on for the upcoming weeks/months here. So let's dive in!
OK so NZDUSD as you can see has been trending higher on the hourly and daily timeframes for some time now. After a long move to the downside price got exhausted and has shown us some relief over the last 6 months or so! BUT...when doing my analysis I had seen a couple things that grabbed my attention for a potential trade
NOW to be 100% honest with you guys and just so you are prepared I'm seeing this as a reaction trade not continuation trade. Basically what I mean without going into to many details is the fact that I see this REACTING from the weekly supply I have marked, making a higher low, then actually continuing to the upside RATHER than coming all the way down to take out the 0.55000 lows that it created. You may ask..."Well what makes you think that?" and the simple answer is that 0.5500 was multi-year lows...usually when price comes off of those lows and shows that buying interest (unless it is on of the rare times) it usually doesn't revisit or make new lows beyond that for some time. Economies have to rebalance, rework & renew. So for any currency to be in multi-year extremes is just not sustainable for their economy.
OK so with that explanation done let's look for shorts starting around 0.61700-0.62500 reason for that range is that it is a higher timeframe zone so price may need some time to develop and breathe before moving to downside. But as you can see it is a decent sized supply zone so let it do it's thing. But as you can see there is a fib alignment based on the downward leg from years before aligning so that is a good zone to see a "bounce".
For targets I myself personally am aiming for 0.56500 since that is the last "strong demand" zone that I can see from that buyer push. So that is the next threat so to speak if we are shorting
Alright guys that is all I have for this hope this provides some value to you guys and you can pull some nuggets or even a trade from it! Trade at your own risk understanding that this is just speculative.
Cheers! Please boost this post & follow my page for more accurate trade breakdowns!
OK so NZDUSD as you can see has been trending higher on the hourly and daily timeframes for some time now. After a long move to the downside price got exhausted and has shown us some relief over the last 6 months or so! BUT...when doing my analysis I had seen a couple things that grabbed my attention for a potential trade
NOW to be 100% honest with you guys and just so you are prepared I'm seeing this as a reaction trade not continuation trade. Basically what I mean without going into to many details is the fact that I see this REACTING from the weekly supply I have marked, making a higher low, then actually continuing to the upside RATHER than coming all the way down to take out the 0.55000 lows that it created. You may ask..."Well what makes you think that?" and the simple answer is that 0.5500 was multi-year lows...usually when price comes off of those lows and shows that buying interest (unless it is on of the rare times) it usually doesn't revisit or make new lows beyond that for some time. Economies have to rebalance, rework & renew. So for any currency to be in multi-year extremes is just not sustainable for their economy.
OK so with that explanation done let's look for shorts starting around 0.61700-0.62500 reason for that range is that it is a higher timeframe zone so price may need some time to develop and breathe before moving to downside. But as you can see it is a decent sized supply zone so let it do it's thing. But as you can see there is a fib alignment based on the downward leg from years before aligning so that is a good zone to see a "bounce".
For targets I myself personally am aiming for 0.56500 since that is the last "strong demand" zone that I can see from that buyer push. So that is the next threat so to speak if we are shorting
Alright guys that is all I have for this hope this provides some value to you guys and you can pull some nuggets or even a trade from it! Trade at your own risk understanding that this is just speculative.
Cheers! Please boost this post & follow my page for more accurate trade breakdowns!
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.
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.