NZDUSD: Ascending Channel into 2nd Level Resistance Test
The Kiwi was my sole losing trade last week which doesn't come as a surprise. This trade features a dual level of structure which is always difficult to navigate and although I waited for a conservative entry, I also took a very conservative stop knowing that I would rather get stopped out and retry if the opportunity presented itself vs. using a bigger stop loss and taking a larger loss than I'd want to.
Similar to the GBPUSD, Kiwi is putting in an ascending channel where the buying pressure is starting to slow due to both bullish profit-taking and bearish interest at the current level of resistance. I don't know when or if I'll get the opportunity, but I would expect to see some relief in this market the closer we get to the higher level of resistance.
Similar to the GBPUSD, Kiwi is putting in an ascending channel where the buying pressure is starting to slow due to both bullish profit-taking and bearish interest at the current level of resistance. I don't know when or if I'll get the opportunity, but I would expect to see some relief in this market the closer we get to the higher level of resistance.
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