Hi Traders! NZDUSD forecast follow up and update is here. On January 13th I shared this “NZDUSD Sell Idea After Bearish Trend Pattern” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea:
NZDUSD H1(1 Hour) Chart Current Scenario
Based on the above-mentioned analysis my view was bearish here and I was expecting the price to move lower until the strong resistance zone holds. On the H1 chart, the price moved higher reached the strong resistance zone, respected it, and bounced lower from this zone. We also had a bearish divergence that had formed between the first high that has formed at 0.72390 and the second high that has formed at 0.72395 based on the MACD indicator. Then the price moved lower and broke below the most recent uptrend line, we may consider these as facts provided by the market supporting the bearish view. The price then moved lower further providing 140+ pips move so far.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
You can see this move clearly in the image below.
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
For similar trade ideas and much more join the Traders Academy Club and get access to our complete watch list and trade report.
This is how the report looks like. A table with the hottest market opportunities, screenshot behind every pair and time frame (anything that is in blue inside the table is clickable and leads to a screenshot) + a summary in text format, kind of highlights. And of course, Live Market Analysis every single day.
If you have any further questions, don’t hesitate to drop a comment below!
To your success,
Vladimir Ribakov
Certified Financial Technician
