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NZDUSD: Trend line rejection with Engulfing | January 28, 2017



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Nzdusd has rejected from downward trend line on daily chart. We can see bearish engulfing on this pair on daily time frame. Below this trend line, this pair can stay on sell mode. 0.7305 level can be act as resistance level. We should look for sell below the 0.7300 resistance area.
Sell trade setup
❒ Set sell stop at 0.7215.
❒ Expecting bearish movement below the resistance level and trend line.
❒ If any bearish candle formed below 0.7310 level, we need to go for sell.
❒ TP will at 30-100 pips.
❒ SL will be above 0.7310 level.
❒ If you get 30 pips profit, then close 50% position of your trade and move your SL on the entry point.


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