Following our previous analyses on this exciting pair, such as our weekly overview, (https://www.tradingview.com/chart/NZDUSD/F8qlcoWY-NZDUSD-Weekly-overview/
), we are seeing that on the 4hr timeframe, the pair is consolidating slowly to the upside, along the lower weekly trend line
. Said trend line
has been broken, and this consolidation is a confirmation for more downside. Referring to the above weekly analyses, we remind you that the hypothetical final target of the coming impulsive movement to the downside sits in the 0.50 area, making this one of the most interesting trading opportunities of the coming months. For said reason, we will be looking for short opportunities, from now on. Because this consolidation to the upside might be much much longer, however, as a short strategy we won't sell aggressively on what we believe is the top, because there might be another n number of "tops" before the downward impulsive movements resume. Therefore, we will wait for a small but decisive impulse to the downside to happen, first, and then wait for it to correct itself with a small flag. Only then, on the break of this flag, we will consider taking short opportunities.
To be monitored closely.
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