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Trade Idea: I’m Selling NZDUSD After Inside Bar Pattern Breaks Down

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Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).

Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.

Potential Trade Idea: I’m Selling NZDUSD After Inside Bar Pattern Breaks Down – July 10th, 2019

Trend: Bearish

Relevant Key Levels: Resistance 0.6720, 0.6850 and 0.6970. Support 0.6500 and 0.6560

Price Action: The inside bar that had formed early in the week is now in the process of breaking down. Price has collapsed after retesting the 0.6720 major resistance (also a prior event area where price collapsed lower).

Current Notes: Prices are likely to collapse back to recent lows at 0.6490 and potentially lower if we break that level. The bias is still bearish whilst price holds below the 0.6720 and 0.6930 resistance levels.

Potential Trade Idea: We would continue to consider selling the break down from the Inside Bar pattern, targeting a move back to 0.6490 and potentially lower.

NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.

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