NZDUSD Short opportunity in play, using the Daily chart.
With the Long-term trend being down and the break of a Short-term up-trendline, I see a Short opportunity together with Price Action Bars, ofcourse. Although We can see that Price currently is in an Range structure and we have to be Cautious for the Tests of Support and Resistance.
Further we see previous Divergence of the RSI with the Dominant trend and RSI at the present now being in a Downtrend. I have also drawn an horizontal Support/Resistance line at the number 0.6450, finding that price makes some nice opportunities there.
I am also using a 200Daily SMA and a 21 & 34 EMA, with the 200Dma being the Long-term indication and the 21 & 34 EMA being the Short-term trend indication. The crosses seem strong and on point as of how I like it.
As last I have set an Short position on the chart with a 1:1/R:R ratio target at 0.6500, though i do not use a Target in my trading,, I trail Stops.
Beneath a Snapshot image of the 4-hour chart at the time being:
Further we see previous Divergence of the RSI with the Dominant trend and RSI at the present now being in a Downtrend. I have also drawn an horizontal Support/Resistance line at the number 0.6450, finding that price makes some nice opportunities there.
I am also using a 200Daily SMA and a 21 & 34 EMA, with the 200Dma being the Long-term indication and the 21 & 34 EMA being the Short-term trend indication. The crosses seem strong and on point as of how I like it.
As last I have set an Short position on the chart with a 1:1/R:R ratio target at 0.6500, though i do not use a Target in my trading,, I trail Stops.
Beneath a Snapshot image of the 4-hour chart at the time being:
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