I am looking to short NZDUSD this week based upon these following indicators:
Price
Firm rejection candlestick on the 27th followed by a weak bullish candle on Friday's close. Weaker volume as well. But it remains above the cloud.
RSI
RSI is in overbought territory and I'm looking for it to start moving down from this level.
OBV (On Balance Volume)
There are lower highs on the OBV and it has been trying to break above it's own EMA, but is showing signs of weakness and a break down for some distribution.
MACD
MACD is at a very high level and showing some signs of turning down.
Synopsis
There are some fundamental factors that could totally quash a short opportunity here. NZDUSD is at some very nice highs compared to the recent past, so this could still draw in some buyer. We could just be entering a consolidation zon; some hard selling, responsive buying and then consolidation.
However, I am looking for some good shorting when the RSI turns down, MACD turns down and the OBV stays below its own OBV.
Price
Firm rejection candlestick on the 27th followed by a weak bullish candle on Friday's close. Weaker volume as well. But it remains above the cloud.
RSI
RSI is in overbought territory and I'm looking for it to start moving down from this level.
OBV (On Balance Volume)
There are lower highs on the OBV and it has been trying to break above it's own EMA, but is showing signs of weakness and a break down for some distribution.
MACD
MACD is at a very high level and showing some signs of turning down.
Synopsis
There are some fundamental factors that could totally quash a short opportunity here. NZDUSD is at some very nice highs compared to the recent past, so this could still draw in some buyer. We could just be entering a consolidation zon; some hard selling, responsive buying and then consolidation.
However, I am looking for some good shorting when the RSI turns down, MACD turns down and the OBV stays below its own OBV.
Trade active
Short idea currently working. Took a screenshot of this my Renko chart for NZDUSD, clear downtrend, respecting the GANN lines. Conversion line crossing below the Base line on the ichi. Good bearish confirmation.
Trade active
Continues to be bearish and flowing down. It has been respecting the GANN lines on it's way down and has been rejected at the .75439 res/sup line. It has even been retested. Looking for more down side. The DMI- is turning up and the ADX is slopping up beyond 24. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.