NZDUSD
From the weekly perspective, price is creating an impulse followed by a correction, and expect new impulse to the downside. And the price still has room to push to the weekly resistance before it going down,
From the COT perspective, hedge funds are still bearish bias on NZD, and from the longer-term perspective, the total of short positions (26k) is greater than the total of long positions (10k). In this case, may see NZD continue weaker, and NZDUSD will push to the downside.
The proper way to approaching this pair should be waiting the price reach the weekly resistance then only can look for the short on NU. If the price manages to do it, and I will switch to the 4H timeframe to monitoring the short confirmation, if there have shown one of the valid rules of me, I will take a nice short on NU with a good risk-reward.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge funds are still bearish bias on NZD, and from the longer-term perspective, the total of short positions (26k) is greater than the total of long positions (10k). In this case, may see NZD continue weaker, and NZDUSD will push to the downside.
The proper way to approaching this pair should be waiting the price reach the weekly resistance then only can look for the short on NU. If the price manages to do it, and I will switch to the 4H timeframe to monitoring the short confirmation, if there have shown one of the valid rules of me, I will take a nice short on NU with a good risk-reward.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
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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.
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.