NZDUSD: Try a small long before re-build short positions

Yue Wang LinoCapital

NZDUSD well developed the downtrend below 200 day MA.

0.7206 will ideally cap any near term strength.

To the downside, 0.7074/65, 0.7000, 0.6976/64 are next levels to watch.

However, the downtrend from 0.7394 could only be counted as 3 wave decline.

some small pullback could not be ruled out.

On intraday chart we could see small divergence sign.

We'll try to trade short term extremes before re-build short positions.

Directly close above 0.7206 will erase immediate downside risk.

Close above 0.7299/0.7338 will indicate a potential trend reversal.

NZDUSD Trade Idea

Buy Limit @ 0.7075 SL 0.7044 for 0.7151

Click on the image to enlarge

Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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