Tuesday, August 20, 2013

NZDUSD PRICE ACTION: Bearish Pin Bar Trade Setup pulls Price lower, Breaks Psychological support. August 20, 2013


I had drawn attention to the Pin Bar Trade Setup formed on the Kiwi from my Trade Commentary yesterday. I recommended waiting for another failed break of the 0.8100 region. However instead, price moved quickly and we got a break of the underlying support at 0.8000, paving the way for further decline on the pair. The trade room is currently trading this break and price is expected to hit the next support zone at about 0.7900.

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