NZDUSD Scale In Opportunity
Scale in opportunity on the small pullback in NZDUSD
Positive confluence:
- High test candle of the weekly 50EMA (break and retest)
- Pullback to the daily 50EMA/200EMA
- 50 and 200EMA crossover
- Pullback to key support (now resistance) level 0.710
- Large bearish engulfing/outside reversal candle to end the week
- Overall 382 Fib retracement, bouncing up from 50 Fib retracement
- MACD in perfect alignment with move lower, showing divergence through the recent H&S pattern and staying in alignment with recent lower lows
- Intraday chart shows recent pullback = 50 Fib retracement of last move lower at 4H 200 EMA
Negative confluence:
- Downsloping trend line connecting lower lows to be broken, but recent move beyond this low trend line suggests the next move lower will be large
Red hashed line represents stop loss placement of current open trades x2
Positive confluence:
- High test candle of the weekly 50EMA (break and retest)
- Pullback to the daily 50EMA/200EMA
- 50 and 200EMA crossover
- Pullback to key support (now resistance) level 0.710
- Large bearish engulfing/outside reversal candle to end the week
- Overall 382 Fib retracement, bouncing up from 50 Fib retracement
- MACD in perfect alignment with move lower, showing divergence through the recent H&S pattern and staying in alignment with recent lower lows
- Intraday chart shows recent pullback = 50 Fib retracement of last move lower at 4H 200 EMA
Negative confluence:
- Downsloping trend line connecting lower lows to be broken, but recent move beyond this low trend line suggests the next move lower will be large
Red hashed line represents stop loss placement of current open trades x2
