Taking a big picture view of NZDUSD for the week of 04 Nov, 2024

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Monthly view – strongly bearish. Note that the PA of Oct recovered almost all the entire bullish gains of the preceding 2 months.

Weekly view - price has been ranging, this range is well defined and we still have room to the downside.
syot kilat

Daily view – The trend is clearly bearish, price well below the 200dma indicating a bearish bias.
syot kilat

H4 view - H4 view – For the most part, the 200sma has been holding price below it. I can see a 2.3R short trade. Stop should be a few pips above the most recent high (0.6000) while target can be a few pips above the recent low (0.5852).
syot kilat

This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros

Nota
H4 view - holding price below 20sma (NOT 200sma). Apologies for the typo.

Penafian

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