$NZD - Interesting area!
I always go towards higher time frames, as Higher TF = Shorter TF movement it's really is as simple as that.
As you can see, this is the weekly now we are within the ranges:
Lows: 0.62 /.61 Areas
Highs: 0.65 Areas
For now you execute the range trade playing between those high and lows until a break.
A break to either direction, would take you to either to trendline resistance and 200 EMA areas. A break below low of the ranges, you go towards great Fib area of support 0.60000 areas
Overall, the market is looking over extended even with DXY but picking bottoms isn't wise decision to ever make!
Key Tip: Follow your own trade plan.
Have a great week ahead,
Trade Journal
I always go towards higher time frames, as Higher TF = Shorter TF movement it's really is as simple as that.
As you can see, this is the weekly now we are within the ranges:
Lows: 0.62 /.61 Areas
Highs: 0.65 Areas
For now you execute the range trade playing between those high and lows until a break.
A break to either direction, would take you to either to trendline resistance and 200 EMA areas. A break below low of the ranges, you go towards great Fib area of support 0.60000 areas
Overall, the market is looking over extended even with DXY but picking bottoms isn't wise decision to ever make!
Key Tip: Follow your own trade plan.
Have a great week ahead,
Trade Journal
Kommentera:
Break above but we are at clear resistance zone tested many times, see a pull back towards .64200 areas and then perhaps go towards 200 EMA areas matching TL area above.