NZD/USD SHORT
My reasoning for a sell on the currency pair NSD/USD..
I firstly saw that price was stalling at the .5 fib (A respected zone for retracement back to 0).
Next we have price also stalling at the 200MA.
As we can also see price has reached the top of this down trend channel.
Confirmation for me is the Williams%R indicating over brought.
This is enough reasoning for me, I am in this trade. However, you may want to wait for a candle stick formation to form to enter as this would be more conservative.
I have gone for an aggressive entry. ( SL 33 pips ) Just above .61 Fib.
I firstly saw that price was stalling at the .5 fib (A respected zone for retracement back to 0).
Next we have price also stalling at the 200MA.
As we can also see price has reached the top of this down trend channel.
Confirmation for me is the Williams%R indicating over brought.
This is enough reasoning for me, I am in this trade. However, you may want to wait for a candle stick formation to form to enter as this would be more conservative.
I have gone for an aggressive entry. ( SL 33 pips ) Just above .61 Fib.
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