FX.co ★ NEARUSD, Bearish Momentum | 13th May 2022

On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 5.678 in line with the horizontal swing low support from our 1st resistance at 10.456 in line with the horizontal swing high resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 11.279 where the horizontal swing high resistance is.

Trading Recommendation

Entry: 10.456

Reason for Entry:

Horizontal swing high resistanceTake Profit: 5.678

Reason for Take Profit: Horizontal swing low support

Stop Loss: 11.279

Reason for Stop Loss:

Horizontal swing high resistance