Description
⋅ Evening Traders,
Secondary analysis – NZDUSD – respecting daily S/R with a range deviation, price is likely to test lower levels.
Points to consider,
- Bearish price action
- Daily S/R resistance
- 200 DMA support
- RSI bearish divergence
NZDUSD is likely to respect range high due to its recent bearish price action. Breaking impulsively back into range indicates weakness in the market.
The Daily S/R is considered a bearish retest level, rallies or to be shorted until proven otherwise.
The 200 DMA is in confluence with the lower daily S/R, price is likely to come for a test of this level, (range low).
RSI has a valid bearish divergence, this shows further weakness in the market as price continues to rise in a bearish manner.
Hope this analysis helps!
Thank you for following my work!
And remember,
“You’re going to learn a million things, then you need to forget them all and focus on one.” – SunriseTrader