I will be doing a full breakdown from monthly to daily. Also I will be including Fundamentals that will help us out with the direction as well.
Monthly:
The price is currently rejecting a demand zone which is good because it can be a sign of a rejection to the up-side like it happened in the past.
Weekly:
The price is clearly over extended. When price is over extended we can expect a correction. If we take the fibonacci to measure the possible correction we can see that the .786 fibonacci level is in confluence with structure. We could expect the price to make a correction and reach the price of 0.88151.
Daily:
The price is bearish making lower lows and lower highs. We need to wait for the shift of the price to a bullish price.
Fundamentals:
To see this movement happen the base currency must be stronger than the quote currency for that specific period of time.
-If we look at the commitments of traders we have a good confirmation that base currency is currently stronger than quote. In the COT we can see that institutions closed 3,078 long and opened 7,862 shorts of the quote currency( CAD).
- Institutions opened 2,630 and also opened 5,939 shorts of the base currency(NZD)
-The base currency is stronger than the quote currency. We can definitely expect the movement to the upside.
With all the information that I gather we can see that there is a strong possibility for the movement to the upside happen.
Monthly:
The price is currently rejecting a demand zone which is good because it can be a sign of a rejection to the up-side like it happened in the past.
Weekly:
The price is clearly over extended. When price is over extended we can expect a correction. If we take the fibonacci to measure the possible correction we can see that the .786 fibonacci level is in confluence with structure. We could expect the price to make a correction and reach the price of 0.88151.
Daily:
The price is bearish making lower lows and lower highs. We need to wait for the shift of the price to a bullish price.
Fundamentals:
To see this movement happen the base currency must be stronger than the quote currency for that specific period of time.
-If we look at the commitments of traders we have a good confirmation that base currency is currently stronger than quote. In the COT we can see that institutions closed 3,078 long and opened 7,862 shorts of the quote currency( CAD).
- Institutions opened 2,630 and also opened 5,939 shorts of the base currency(NZD)
-The base currency is stronger than the quote currency. We can definitely expect the movement to the upside.
With all the information that I gather we can see that there is a strong possibility for the movement to the upside happen.
Trade active
Trade closed manually:
The price reached resistance. I decided to closed the trade manually
Wiiso