Hello traders. Here we have the NZD/USD weekly chart. The bears are obviously in control of the market and if you look at the weekly candle you can clearly see that the candle closed below previous support and look at the closing force - the candle body closed exactly 50% below previous low closing prices (low since January 24). But the market is oversold on the daily chart and is a bit overextended, but when it comes to trends, it should be borne in mind that markets can easily ignore all oversold/overbought areas and continue to move without any hesitation. So, any bearish position for now looks dangerous; one should at least wait for some decent pullback; or if we don’t get a pullback before the market touches the first extension target (which is around 0.6400 (1.272)), we could look for some short-term bullish patterns around this area (0.6400). If we get a pullback before the market touches this extension targer, we could still try to catch some highs and sell NZD. I’d rather be a seller and sell tops, but we need to be flexible and if we see bullish signs in predefined areas why miss it?
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.
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.