NZDUSD: Daily Technical Update

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
1355 10 18
Daily Technical Update:

(1) The NZDUSD             has been trading in a sideways range since late September low at 0.7706. Range: (0.8035-0.7659)
(2) This sideways range comes in the context of a bearish trend started from 0.8835 High in July.
(3) The recent bounce of the range support was interrupted at the 50-days SMA . Where downside pressure was seen again. and price has entered a minor short term descending channel .
(4)A shooting star candle at the 50-days SMA and top of minor channel,
(5) RSI momentum is breaking its rising trend line

Possible Outlook: There is a potential for further downside pressures in the near term as long as the high of the shooting star candle is intact. Potential downside targets at recent low 0.7765 then near the range bottom at 0.7670.

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It looks like kiwi on the way back to 0.8
Nice chart! Thanks as always!
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thanks, I like this as it reinforces my own analysis, although much simpler than yours.
I went in for sell two days ago, and although movement has been a bit slow initially we seem to be heading in the right direction now :). Your targets are deeper than my expectations, andmay move my TP target to the range you stipulated. good luck!
alex.drap.9 mcpeacocks
please help me my mail
I agree with Technician. Although I did make money going long off the I H&S pattern a couple of weeks ago I believe this pair is still in a downtrend. I think I see what your seeing Onlyeyes. A possible I H&S pattern setting up on the 240 bouncing off the same neckline I used for my trade. My observation is that if price falls below the DTL then it will test 77 again and if it fails then 75 should be next.
Technician Ghostrider7
If the bearish scenario plays out , supposedly, there is a another potential short term bullish 3-drives pattern will complete near 0.7715, will be watching that level.
Dear technician you are very succesfull trader. I like your system and forecasts. I earned some money from your chats. so I have a respect to you. but i think nzdusd will not be short. it will be long. and i published a chart. I hope you will be right. take care
Good luck to you my friend.
I agreed with u,
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