Nzd/usd retracing, short opportunity

Trading Discussion Currencies
1

this is my 4h nzd/usd chart. I do see a possibility for a retrace up to the daily S1. It´s going to be pretty hard to break with that trendline in my opinion.

We already bounced from big fibonacci level and we are now resting at a level previously tested as resistance. Should we break with it we could think about shorting, targeting off course the daily S1

What do you think about this guys?

2

Oooh, interesting setup! Ridiculously overbought across almost all time frames, too! I’m just waiting for the Fed announcement before taking any trades though. But if this pans out, it’s gonna be a pretty good reward-to-risk since you can put your stop just above .8000 then aim for the recent lows. Just my two cents :slight_smile: