NZD/USD Ichimoku Drawback Setup
The kiwi has risen up to a strong level of previous price structure resistance.
While my overall bias is bullish I am expecting a drawback here to test support before trying to push any higher.
I've drawn out my target at previous price structure we are likely to try and test support as well as a flit kijun sen level.
Remember that we are close to a bullish kumo twist and chikou span is above price meaning we are still bullish overall so this is just for a short term sell.
Since it is counter trend, this is higher risk than normal, so I'll be taking a slightly small risk %. If we fail to get the drop or show signs of the drop we're looking for, then this setup may become invalidated.
While my overall bias is bullish I am expecting a drawback here to test support before trying to push any higher.
I've drawn out my target at previous price structure we are likely to try and test support as well as a flit kijun sen level.
Remember that we are close to a bullish kumo twist and chikou span is above price meaning we are still bullish overall so this is just for a short term sell.
Since it is counter trend, this is higher risk than normal, so I'll be taking a slightly small risk %. If we fail to get the drop or show signs of the drop we're looking for, then this setup may become invalidated.