We have a double top confirmation on NZDUSD, so more downside moves are expected. However, at the moment, price moved back into the channel it broke out of. A long position now looks like a good play to the .698 level, which would then trigger a sell order to go down to the bottom of the larger channel. In many cases, when there is a double top, prices tend to try and reach back to the level at which there was a double top, but fail to reach that high and begins to sell off rapidly. Watch price action closely as it approaches .69802 because prices can begin moving quickly.
Kommentera
⋅
Touch off the trendline as a retest. This thing should go flying now.
Kommentarer
managingchaoscapital
⋅
Just entered 0.68008, I agree with your analysis! Cheers