Greetings Fellow Traders,
I don't always provide mid-week updates but there was an important development the last 2 days with my views on NZDUSD.
Monday's trading saw NZDUSD make ANOTHER attempt at the weekly bearish strength line but closing below. For the first half of Tuesday it continued the pressure on the weekly strength line but it closed by engulfing all of Monday's trading.
My bearish stance on NZDUSD has been no secret - but it also is struggling to gain the needed traction to show that the market is indeed ready to move down. The rest of this week is ready to give the first hint at the test that is needed to confirm a move down to the real bearish test at .64000.
Watch for price to reach .6600 to .6610 between today and tomorrow. If a Daily close is made below .6600 it should provide the necessary momentum to once again trade sub -.65000.
Feel free to comment/like/follow
I don't always provide mid-week updates but there was an important development the last 2 days with my views on NZDUSD.
Monday's trading saw NZDUSD make ANOTHER attempt at the weekly bearish strength line but closing below. For the first half of Tuesday it continued the pressure on the weekly strength line but it closed by engulfing all of Monday's trading.
My bearish stance on NZDUSD has been no secret - but it also is struggling to gain the needed traction to show that the market is indeed ready to move down. The rest of this week is ready to give the first hint at the test that is needed to confirm a move down to the real bearish test at .64000.
Watch for price to reach .6600 to .6610 between today and tomorrow. If a Daily close is made below .6600 it should provide the necessary momentum to once again trade sub -.65000.
Feel free to comment/like/follow
Comment:
If it wasn't already obvious - NZDUSD continues it's range bound behavior...still waiting on that daily close
Comment:
I'll more than likely make a brand new post over the weekend for NZDUSD - keep an eye on the weekly candle close, if it closes anywhere near the level it is as of this writing, it will nullify any bullish moves on Thursday
