NZDUSD
has recently rallied higher even though it is in a strong downtrend ( weekly lower lows ) . As indicated on the chart the weekly resistance and support levels. Price has reached and broken the first level on higher volume , but it has made a strong return to the downside when it reached the 0.5 Rib Retracement Line.
Stop Loss can be set just above the First Resistance level with entries occurring just below and take profit targets should be set at the daily consolidation rectangle.