NZDUSD - Bearish divergence at all time high

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
259 4 9
I've been waiting for this divergence to complete for over a month. Taken alone, it would signal a correction, but considering that we are currently standing at a level where, in the past, a downtrend has started, there might be more than a correction coming. I believe that the dollar will keep strengthening against most currencies, but there's no way of telling if a downtrend is going to emerge. Also, it's important to consider that this pair has been pretty choppy in the last few years.

I have a short position, with a stop above the all time high. I won't try to build a position like I usually do when I use longer term charts, I will let only this small position roll for months until I get stopped out. I will trade daily setups, if of course I can spot them.
The all time high could also be a double top, if you consider the high from April'12 or would that be to long a time frame to consider for a double top? If it can be taken into account then it will only support the bearish position.
vlad.adrian matt_forex
Well, whatever you call it, it's bearish, that's all it matters!
Stil downtrend bias in this case ? Or there will be a pop up before continuing to go down any future
Well, I don't know that. Normally there should be a pop but you can't forecast every move...
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out