Trade plan for selling NZD and buying USD

NZDUSD Daily

Price opened below MM3 and is currently sitting below MPP. Price and market are currently flat. The stochastic is also flat. Bears’ monthly target is MM1. Resistance identified between 38.2 and 50 % fib level where price made a lower high. Support identified just below 0.71500 mid psych level, at MM2/0.71000, 0.70500 and MS1. I will wait for price to retrace to MPP before selling.

NZDUSD H4

Price opened at WPP where bears have been selling with WS2 as target. It is currently sitting at WS1(support). The 21 is below the 55 (Market). The 5 is below the 8 (Price). Stochastic is oversold. Resistance identified at WM2/0.71500 and WPP, which coincides with MPP. Support at WS1 and WM1/0.71000, which coincides with MM2. Before selling, I wait for the price to retrace to WPP/MPP.

NZDUSD H1

Price opened at DPP and is way below its daily target. The 21 is below the 55 (Market) and the 5 below the 8 (Price). Stochastic is oversold and pointing up. DPP is between MPP and WPP. I will wait for price to retrace between the DPP/WPP/MPP before selling. Resistance at DS3, 0.71500 mid psych level, DS2/WM2 and DS1.

One thought on “NZDUSD short set up”

  1. Joe urban says:

    possible double bottom

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