In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we look at a good technical trade setup in NZDUSD as well as in the S&P 500. Both of these markets give us a number of significant reasons to look for high probability trading opportunities.
Let’s start with the NZDUSD. If you look at a daily chart over the last 2 years you will see a significant upper trend line cutting through the 0.6600 level. This is now a strong level of resistance with prices failing to close above it. This, mixed with consolidation around those prices and yesterday’s sell off gives us a great opportunity to look for additional selling below 0.6562.
The other market is the S&P 500. If you look at this market on the smaller time frames then you will see significant consolidation below the all time high of 3200. In fact, a triple top has been created. So if prices break below the 3188 structure then this becomes a high probability trading opportunity to the downside.
Good Technical Trade Setup in NZDUSD – Full Video Analysis
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