Evening Traders,
Today’s analysis – NZDUSD- testing key weekly S/R with resistance confluence, a move down is plausible.
Points to consider,
- Trend oversold bounce
- Macro weekly S/R ( resistance)
- 200 WMA confluence
- Swing low failure (.50 Fibonacci)
NZDUSD’s price action recovered from oversold conditions, now likely to respect weekly S/R allowing for a short term bearish bias.
The level has technical confluence with the 200WMA that has historically been rejecting price.
Price action is likely to put in a swing low failure, making the immediate target, .50 Fibonacci. How price action forms here will be indicative of the overall trend.
Overall, in my opinion, NZDUSD is a valid short with defined risk. Price action is to be used upon management/ discretion of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“The mind is a fascinating instrument that can make or break you.” ― yvan Byeajee
Today’s analysis – NZDUSD- testing key weekly S/R with resistance confluence, a move down is plausible.
Points to consider,
- Trend oversold bounce
- Macro weekly S/R ( resistance)
- 200 WMA confluence
- Swing low failure (.50 Fibonacci)
NZDUSD’s price action recovered from oversold conditions, now likely to respect weekly S/R allowing for a short term bearish bias.
The level has technical confluence with the 200WMA that has historically been rejecting price.
Price action is likely to put in a swing low failure, making the immediate target, .50 Fibonacci. How price action forms here will be indicative of the overall trend.
Overall, in my opinion, NZDUSD is a valid short with defined risk. Price action is to be used upon management/ discretion of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“The mind is a fascinating instrument that can make or break you.” ― yvan Byeajee