The NZDUSD rallied straight into a weekly resistance level last week, which has contained prices on 3 consecutive tests (visible on the weekly chart). The most recent re-test of the market top, seen the daily candle produced two bearish rejection candle price action trade setups, which have now ripened into profit. Last session the bulls were shaken out, and price finally dropping lower. The sell off was quite aggressive, coming straight down from the open price of the day, and closing near the day lows. We’re now moving into London trading hours, and we can see the current daily candle has demonstrated that an asian session retracement has been rejected. Statistically, when we see this type of asia session rejection after a “power day”, it’s typical to see further extensions of the overall movement. Price has already breached the low of the previous bear day and looking to move onto the bearish side of the mean value. Once price breaches the 20 ema, there is so much open space for the market to fall into. Traders who aren’t in the move can wait for further bearish signals to develop, if the downward movement develops into a full blown bearish trend. Dale Woods Dale Woods The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader. View All Post By Dale Woods Forex News Today: Daily Trading News share Read Next UK services PMI disappoints with 57.6 – GBP/USD falls Yohay Elam 8 years The NZDUSD rallied straight into a weekly resistance level last week, which has contained prices on 3 consecutive tests (visible on the weekly chart). The most recent re-test of the market top, seen the daily candle produced two bearish rejection candle price action trade setups, which have now ripened into profit. Last session the bulls were shaken out, and price finally dropping lower. The sell off was quite aggressive, coming straight down from the open price of the day, and closing near the day lows. We're now moving into London trading hours, and we can see the current daily candle… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
