NZDUSD Double Top Rejecting HTF Downtrend Line
NZDUSD on the higher timeframes is in a clear downtrend
Price has recently rejected the HTF downtrend line with a double top (reversal pattern), visible on the 4h and below.
Price then broke below the neckline but has respected an up trend line and is now retesting the neckline of the double top, which usually happens before a double top becomes successful.
Currently price has strongly rejected the neckline, with a pin bar like candle on the 4H closing on the neckline, and now a large bearish candle on the 4H showing strong bearish momentum.
Our 3+ reasons to take this trade
-HTF downtrend line rejection
-4H Double top
-Neckline break and retest
-Multiple 4H reversal candle confirmation on the retest
-Break of uptrend line
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Price then broke below the neckline but has respected an up trend line and is now retesting the neckline of the double top, which usually happens before a double top becomes successful.
Currently price has strongly rejected the neckline, with a pin bar like candle on the 4H closing on the neckline, and now a large bearish candle on the 4H showing strong bearish momentum.
Our 3+ reasons to take this trade
-HTF downtrend line rejection
-4H Double top
-Neckline break and retest
-Multiple 4H reversal candle confirmation on the retest
-Break of uptrend line
Follow us for more analysis and educational content