Forex Trade Setup – Nov. 29th
NZDUSD – 4hr Downward TKx
One of the few pairs to not break the kumo on the daily chart, the pair has still been selling off steadily and we expect this to continue – although likely after a small profit-taking bounce. We are going to watch the 4hr chart for another TKx to the downside to occur between 7600 and 7500 for the pair to make another down-move to the 7300 level which is the bottom of the daily kumo.
In fact, many of the USD pairs are threatening TKx’s on the 4hr time frame so we suggest watching them this week and next for some further bearish signals on these pairs but perhaps after some profit taking.
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