Evening Traders,
Today’s analysis = NZDUSD- impulse price action above Local S/R where pull backs are for buying.
Points to consider,
- Price Action Impulsive
- Local S/R Support (.618 Fibonacci)
- Oscillators Neutral
- Volume Climax
NZDUSD’s immediate price action is bullish above Local S/R; this allows us to have a bullish direction bias leading into trades.
The Local S/R is in confluence with the .618 Fibonacci, Price Action pull backs allow for valid long entries.
The 200 MA must be maintained as support, price losing it will breaking market structure and remove our bullish bias on the market.
Both oscillators are overextended, a reversion to their mean is healthy and needed for trend continuation.
The volume profile has a valid climax; this marks a temporary top being the swing high. Follow through in volume is needed when testing Local S/R.
Overall, in my opinion, NZDUSD is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager
Today’s analysis = NZDUSD- impulse price action above Local S/R where pull backs are for buying.
Points to consider,
- Price Action Impulsive
- Local S/R Support (.618 Fibonacci)
- Oscillators Neutral
- Volume Climax
NZDUSD’s immediate price action is bullish above Local S/R; this allows us to have a bullish direction bias leading into trades.
The Local S/R is in confluence with the .618 Fibonacci, Price Action pull backs allow for valid long entries.
The 200 MA must be maintained as support, price losing it will breaking market structure and remove our bullish bias on the market.
Both oscillators are overextended, a reversion to their mean is healthy and needed for trend continuation.
The volume profile has a valid climax; this marks a temporary top being the swing high. Follow through in volume is needed when testing Local S/R.
Overall, in my opinion, NZDUSD is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager