📉 Pair: NZD/USD
🕒 Timeframe: 4-Hour
📥 Entry Price: 0.59267
🎯 Take Profit (TP): 0.58265
🛑 Stop Loss (SL): 0.59893
🔍 Trade Setup Explanation:
Trendline Rejection: Price has respected a descending trendline, confirming it as dynamic resistance. The recent candle shows rejection from this trendline, signaling a potential move downward.
Horizontal Resistance Level: 0.59274 has acted as a strong horizontal resistance level where the market has previously failed to break higher.
Bearish Market Structure: The market is forming lower highs and lower lows, indicating a continued bearish trend.
RSI Confirmation: RSI is at 41.81 and trending below its moving average (48.65), suggesting bearish momentum is still in play and sellers are in control.
💡 Summary: This setup shows confluence from both the trendline rejection and horizontal resistance zone, supported by bearish RSI momentum. The risk-to-reward ratio is favorable, making this a high-probability short trade setup.
🕒 Timeframe: 4-Hour
📥 Entry Price: 0.59267
🎯 Take Profit (TP): 0.58265
🛑 Stop Loss (SL): 0.59893
🔍 Trade Setup Explanation:
Trendline Rejection: Price has respected a descending trendline, confirming it as dynamic resistance. The recent candle shows rejection from this trendline, signaling a potential move downward.
Horizontal Resistance Level: 0.59274 has acted as a strong horizontal resistance level where the market has previously failed to break higher.
Bearish Market Structure: The market is forming lower highs and lower lows, indicating a continued bearish trend.
RSI Confirmation: RSI is at 41.81 and trending below its moving average (48.65), suggesting bearish momentum is still in play and sellers are in control.
💡 Summary: This setup shows confluence from both the trendline rejection and horizontal resistance zone, supported by bearish RSI momentum. The risk-to-reward ratio is favorable, making this a high-probability short trade setup.
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.