NZDUSD. Bears Struggling to close below 0.6800 Crucial Support!
Updated
The Bullishness of the USD is likely to return to full strength provided if the FED keeps on track to raise the rates another two times before the year ends. NZDUSD has been taking a beating recently and for now looking at the Monthly chart, depends on where the candle closes either above or below the crucial resistance at 0.68400. If candle closes as a Doji which represents an indecison, then it would be risky to trade this pair.
The Weekly chart however shows that the lower wedge trend line has been violated a few weeks back. Given the break of the this Trend line NZDUSD is showing signs of consolidation before heading for another dip. Keep in mind the direction for short on this pair depends on where the monthly candle closes and how it closes.
The Daily chart shows the channel forming has been broken (not yet, depends where today's candle closes). Its a further confluence factor that NZDUSD is consolidating and will likely rise to retest the broken trendline of wedge on weekly charts.
Both Fundamentally and Sentimentally NZDUSD is a SELL for now. I would personally not place any trade until i see how the monthly candle closes and the downward pressure which might occur in the coming month. at the moment i am just watching this pair closely and if the criteria for short position is met i will execute it in the near future.
ANY SIGNALS ALERT WILL BE UPDATED BELOW. PLEASE IF YOU LIKE THE ANALYSIS GIVE ME A THUMBS UP AND FOLLOW ME IF YOU WOULD LIKE TO RECEIVE MORE
The Weekly chart however shows that the lower wedge trend line has been violated a few weeks back. Given the break of the this Trend line NZDUSD is showing signs of consolidation before heading for another dip. Keep in mind the direction for short on this pair depends on where the monthly candle closes and how it closes.
The Daily chart shows the channel forming has been broken (not yet, depends where today's candle closes). Its a further confluence factor that NZDUSD is consolidating and will likely rise to retest the broken trendline of wedge on weekly charts.
Both Fundamentally and Sentimentally NZDUSD is a SELL for now. I would personally not place any trade until i see how the monthly candle closes and the downward pressure which might occur in the coming month. at the moment i am just watching this pair closely and if the criteria for short position is met i will execute it in the near future.
ANY SIGNALS ALERT WILL BE UPDATED BELOW. PLEASE IF YOU LIKE THE ANALYSIS GIVE ME A THUMBS UP AND FOLLOW ME IF YOU WOULD LIKE TO RECEIVE MORE
Note
Trade has been executed. See the image below for entry, SL and TPNote
ADJUST SL TO 0.67700Note
ADJUST SL TO 0.67500
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