08 Mar Continuation Of DOW, NZD:USD And NZD:JPY Swing Analysis
Just a quick update on these 3 charts that I’ve been following closely this Week.
NZD:USD was presented last Weekend as a viable Swing Short but I didn’t take a position myself simply because I’m already quite heavy on the short side of NZD across other trades.
After the rapid sell off earlier in the Week, Price has recovered equally fast.
The circled area will grab my attention ahead of possible resistance:
Another NZD pattern I’ve been following has been that of NZD:JPY which has failed in it’s first attempt to gain traction above the original trend line:
A similar Pattern has formed on DOW and although I’m not presently positioned, I think it worth watching for signs of a lower high ahead of a 2nd leg down. I’ve not got enough evidence to suggest we’ll see another leg down at this stage, but this chart is quite a classic pattern that’s regularly seen ahead of a further leg down though I’m quite happy to be patient before committing any hard earned to this one:
If I opt to take any new swing positions on these three, I’ll post details in the comments section beneath this post, but for now I’m just day trading them.