NZDUSD H1 |
Till that setup materializes, I see another setup coming up in NZDUSD pair. A triangle formation on H1 timeframe.
Price has bounced from 100EMA & 200EMA and is currently midway the triangle. If it breaks on lower side, I will go short targeting the big trendline.
On break towards of upper trendline, I will wait for the confirmation break of horizontal area to go long targeting upper horizontal area. If price break triangle upside but gets rejected form lower horizontal area, then I might go short as well.
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NZDUSD H1 |
As triangle is not very wide, so I will not trade bounces from trendline. I will trade only breakouts. I might short on upside break but resistance at horizontal area.
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