NZDUSD – SELL – Double Trade – Wednesday 4th December

NZDUSD – SELL – Double Trade – Wednesday 4th December (Closed)

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

Trade Setup
NZDUSD - SELL

Entry
0.6515

Take Profit
0.6400

Stop Loss
0.6620