At the daily time frame of NZDUSD the price has reached the orange upper range with is intact now for a long time. When drawing ranges (ligh blue) from the current wave we see there the range isnt narrowing but we also notice that the candles arent touching the upper and lower range anymore. This means that a possible new range (red) has formed. This range is narrowing and its also called a Bearish Wedge, meaning that price will come down soon.
I am not fully convinced yet at a strong sell because of the indicators. Then again the indicators will only turn bearish if good red candles are being produced. So maybe price is right now exactly at the top, in which case the indicators dont show a reversal sign yet.
The possible down wave will most likely go to the lower range of the blue range. At that point it will either bounce back up or break it and go down further.
Entry: 0.7200 - 0.7220 area
Take Profit: 0.7155 > 0.7050 > 0.6930
Stop loss: 0.7270 and move your stop down along the bearish wave.
Alternatively, if a daily candle has a good strong close above to orange trend line, its a but till atleast 0.7315
I am not fully convinced yet at a strong sell because of the indicators. Then again the indicators will only turn bearish if good red candles are being produced. So maybe price is right now exactly at the top, in which case the indicators dont show a reversal sign yet.
The possible down wave will most likely go to the lower range of the blue range. At that point it will either bounce back up or break it and go down further.
Entry: 0.7200 - 0.7220 area
Take Profit: 0.7155 > 0.7050 > 0.6930
Stop loss: 0.7270 and move your stop down along the bearish wave.
Alternatively, if a daily candle has a good strong close above to orange trend line, its a but till atleast 0.7315
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