As I was relaxing in the lounge room I got a notification from the Battle Station to check the NZDUSD 4 hour chart – as a bearish pin bar was detected which is what you seen on the chart above.
The reversal candle formed as a move up into a resistance level terminated as the level held, and pushed the market back down, closing the 4 hour candle as a nice looking rejection candle.
The candle does have a slightly lower close below the open price in the candle, but the level price is bouncing off is pretty solid. It’s the current market structure highs, and the resistance level is very visible from the weekly chart.
We’re moving into the US session, so we could see prices fall lower from this setup before the week closes. For those who missed this one, watch the daily candle close for an end of day bearish trade signal.
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