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Nzdusdforecast

NZDUSD - Monthly UpdateRecent price action: Bearish Pattern: Head and shoulders/Rising wedge Long-term momentum: Bullish/ranging Short-term momentum: Bearish Bias: Short Action: Already in a short sell. Signal was based on daily time frame. Will need a close below trend support and weekly support to confirm further movement to the downside. Weekly support will also function as the neckline for the head and shoulders pattern. Comments: Price is moving exactly how I forecasted when the right shoulder was forming. High chance of getting a bounce back to the upside once weekly support it hit. Price has not been able to get below this level since April 2016.
Short
by tradingwithyg
NZDUSD - Daily UpdateRecent price action: Bullish Pattern: Rising wedge Long-term momentum: Ranging Short-term momentum: Bearish Bias: Short Action: Already entered a short position for this pair; however, I would like to see a break and hold of short-term trend support on the daily chart. Do not add any more positions until price confirms movement to the downside. Comments: Major slow down in price. SImilar to what is happening with DXY. Most U.S. pairs are reaching weekly S/R. Hopefully, the dollar can push through and majors will follow.
Short
by tradingwithyg