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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

NZDUSD Pin Bar Reversal / False-break Sell Signal, 19th August 2013

NZDUSD – Kiwi/dollar pin bar false-break sell signal

The last time we discussed the NZDUSD, we mentioned that we were waiting to see if price would challenge key resistance up near 0.8105 and form a price action sell signal near that level. Today, the market tried to continue higher, pushing above key resistance near 0.8105 and hitting a high of 0.8162 before reversing and ending the day significantly lower, at 0.8066. As we can see in the chart below, an obvious pin bar reversal signal formed today, showing a clear false break of the key resistance near 0.8105 that indicates this market might be getting ready to rotate lower, back down toward support. We see the potential for a move down toward support near 0.7935 – 0.7900 or lower from today’s pin bar setup, with the key support of the trading range not seen until down between 0.7760 – .07687 area.

nzdusd

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is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.

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