USDNZD [uptrend-reversal]
Updated
Observation:
Some sellers agreed to sell USD to NZD because market has price sentiment at zone 1.4505 where previous movement tells us buyers does not want to buy USD higher than the zone of 1.4505. Some sellers also avoid weekend (Sat Sun) sudden price movements. To stay away from risk, they sold their USD.
Analysis:
As market opens, new buyers see that there is a lower price of USD wants to buy and believe USD price will still get a higher price because of previous strong uptrend but are also cautious knowing there is market sentiment at zone 1.4505.
Buyers may be cautious on areas of 1.4505 and 1.4569 as this area have strong market sentiments and this will lead to sideway trend (Mar.13-14) and market movement will wait for news release at (Mar.15) and decide whether to stay uptrend or go downtrend.
Conclusion:
Market now shows signs of sideways trend and would either be contraction or expansion. There is a high probability the market will be bearish because price has reached market sentiments.
Strategy:
> If price goes up and breaks resistance zone 1.4505 but retrace at resistance zone 1.4569 Price Order will activate once price reach 1.4505.
> R:R is 3:1
> TP: at 1.4073 above support zone 1.4039 [space to make sure I get profit]
> SL: at 1.4649 above resistance zone 1.4634 [space to make sure not stamped out]
Some sellers agreed to sell USD to NZD because market has price sentiment at zone 1.4505 where previous movement tells us buyers does not want to buy USD higher than the zone of 1.4505. Some sellers also avoid weekend (Sat Sun) sudden price movements. To stay away from risk, they sold their USD.
Analysis:
As market opens, new buyers see that there is a lower price of USD wants to buy and believe USD price will still get a higher price because of previous strong uptrend but are also cautious knowing there is market sentiment at zone 1.4505.
Buyers may be cautious on areas of 1.4505 and 1.4569 as this area have strong market sentiments and this will lead to sideway trend (Mar.13-14) and market movement will wait for news release at (Mar.15) and decide whether to stay uptrend or go downtrend.
Conclusion:
Market now shows signs of sideways trend and would either be contraction or expansion. There is a high probability the market will be bearish because price has reached market sentiments.
Strategy:
> If price goes up and breaks resistance zone 1.4505 but retrace at resistance zone 1.4569 Price Order will activate once price reach 1.4505.
> R:R is 3:1
> TP: at 1.4073 above support zone 1.4039 [space to make sure I get profit]
> SL: at 1.4649 above resistance zone 1.4634 [space to make sure not stamped out]
Note
50% of sellers have sold, consolidation stage, then price action drops until 1.4039 where this level is shortage level but not so fast as the first wave of sellers, buyers at that level are willing to buy which will push prices up again.
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