Trading Setups / Chart in Focus:
NZDUSD – Kiwi/dollar bearish pin bar sell signal from key resistance
The NZDUSD has been swinging between the upper and lower boundaries of a large trading range since about the start of November 2013. Today, the market reached the upper boundary and key resistance of the range near 0.8410 and rejected this resistance, forming a pin bar sell signal in the process. This key resistance is also an “event area” (you can learn more on event areas in my trading course) which we can see by the two other recent pin bar sell signals that formed here, both of which led to large moves lower in the ensuing days. We could see price sell off from today’s pin bar and move back down toward the key support zone of this trading range, if price stays contained under the pin bar’s high.