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EurNzd: Bears are Back!


Weekly Timeframe:


Daily Timeframe:


4hour Timeframe:


 

Weekly timeframe: We can see we were creating a series of higher highs and higher lows. Although, we managed to break and close below our weekly trendline with strong bearish pressure.


Daily time frame: Now we can see price is creating a nice down trend with a series of lower highs and lower lows. Simply by reading price action we see that price had broken and closed below our key 1.68000 zone which was a previous support.


4hr time frame: Price is currently pulling back so we would like to wait for price to retest as resistance before we look to execute. if price manages to reject or stay below this 50-61% Fibonnaci level (measured from previous swing) we can anticipate shorts to our next key zone.


(risk management is key)



 

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