Greeting Fellow Traders!
First and foremost, Happy New Year!
NZDUSD has formed a bullish triangle after breaking the bearish strength trend line - It has also maintained it's current bullish strength in the process. I will be looking for Buys immediately to start the new year off (provided there are little to no gaps in price) - Confirmation will come with a close above the triangle pictured.
As long as we stay above the solid blue line (the weekly bearish strength) you should remain bullish for the near term - even more so that we stay above the current bullish strength pictured. Both of those together and there is no reason to be looking for 1-4 hour sells without associating them with high risk.
Targets for bullish moves right now will sit between .69 and .71. Should we reach .71000 area I'll make another post looking for selling opportunities. This is the maximum level of the current overall bullish strength and would furthermore confirm the weekly outlook that NZDUSD is actually preparing for a sharp bearish move soon™
A close below the overall bullish strength trend line pictured is a very good reason to be short. Anything in between the two is a little bit of a grey area at the current moment.
To help you visualize the current daily outlook here's the chart with expectations
If you have questions or comments, please I encourage them. Let's make everyone a successful trader this year! Don't forget to Like/Follow/Comment!
First and foremost, Happy New Year!
NZDUSD has formed a bullish triangle after breaking the bearish strength trend line - It has also maintained it's current bullish strength in the process. I will be looking for Buys immediately to start the new year off (provided there are little to no gaps in price) - Confirmation will come with a close above the triangle pictured.
As long as we stay above the solid blue line (the weekly bearish strength) you should remain bullish for the near term - even more so that we stay above the current bullish strength pictured. Both of those together and there is no reason to be looking for 1-4 hour sells without associating them with high risk.
Targets for bullish moves right now will sit between .69 and .71. Should we reach .71000 area I'll make another post looking for selling opportunities. This is the maximum level of the current overall bullish strength and would furthermore confirm the weekly outlook that NZDUSD is actually preparing for a sharp bearish move soon™
A close below the overall bullish strength trend line pictured is a very good reason to be short. Anything in between the two is a little bit of a grey area at the current moment.
To help you visualize the current daily outlook here's the chart with expectations
If you have questions or comments, please I encourage them. Let's make everyone a successful trader this year! Don't forget to Like/Follow/Comment!
Comment:
Confirmation of the break as pictured above never occurred and we sold off tremendously overnight - Bears are largely favored now - Expectations for seeing .69-.71 anytime soon now are very low. This should carry over to pairs like EURNZD, GBPNZD and GBPAUD where bullish trends are expected to resume on a larger scale.
Comment:
New Analysis - Bears are favored
