NZDUSD Rising Wedge|Structural Resistance|.618 Fibonacci|200 MA
Evening Traders,
Today’s Analysis = NZDUSD – trading at key structural resistance in a bearish pattern, a move down is probable.
Points to consider,
- Trend rising wedge
- Strong structural resistance
- Local support confluence
- Oscillators divergence
- Volume declining
NZDUSD’s immediate trend is in a rising wedge pattern with price action close to structural resistance, the immediate bias is bearish.
The local support has technical confluence with the .618 Fibonacci and the 200 MA. Price is likely to respect this area when tested.
Both oscillators have immediate bearish divergence; this is in confluence with the rising wedge, enhancing the probability of a break down.
The volume profile is declining, sign of weakness in PA, an influx is probable at key trade locations, i.e. break of rising wedge.
Overall, in my opinion, NZDUSD is a valid short with invalidation above structural resistance. The immediate price action is to be used upon discretion/management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“No man ever reached to excellence in any one art or profession without having passed through the slow and painful process of study and preparation.” – Mark Douglas
Today’s Analysis = NZDUSD – trading at key structural resistance in a bearish pattern, a move down is probable.
Points to consider,
- Trend rising wedge
- Strong structural resistance
- Local support confluence
- Oscillators divergence
- Volume declining
NZDUSD’s immediate trend is in a rising wedge pattern with price action close to structural resistance, the immediate bias is bearish.
The local support has technical confluence with the .618 Fibonacci and the 200 MA. Price is likely to respect this area when tested.
Both oscillators have immediate bearish divergence; this is in confluence with the rising wedge, enhancing the probability of a break down.
The volume profile is declining, sign of weakness in PA, an influx is probable at key trade locations, i.e. break of rising wedge.
Overall, in my opinion, NZDUSD is a valid short with invalidation above structural resistance. The immediate price action is to be used upon discretion/management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“No man ever reached to excellence in any one art or profession without having passed through the slow and painful process of study and preparation.” – Mark Douglas