vlad.adrian
Short

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.

Related Ideas

Sam0101
2 years ago
Stil downtrend bias in this case ? Or there will be a pop up before continuing to go down any future
Reply
vlad.adrian PRO Sam0101
2 years ago
Well, I don't know that. Normally there should be a pop but you can't forecast every move...
+1 Reply
matt_forex
2 years ago
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.
Reply
vlad.adrian PRO matt_forex
2 years ago
Well, whatever you call it, it's bearish, that's all it matters!
Reply
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