Wednesday 4th December
Trade Set Up – NZDUSD
Daily Time Frame
There are a number of indicators suggesting we could see a bearish move.
Firstly, the 61.8% FIB level is a KEY level to monitor, the 200 day moving average is also providing resistance at a similar area. The pair have been in a strong negative trend for almost a year, the RSI is touching over bought conditions which has seen a nice reversal previously.
The 0.6500-0.6570 area has some really strong structures and heading higher is a path full of resistance levels. The path of least resistance is lower.
Trade Set Up 1: SELL Market order, stop loss set at 0.6620, take profit set at 0.6400
Trade Set Up 2: SELL LIMIT – Entry price 0.6550, stop loss set at 0.6620, take profit set at 0.6400