34 views
I would say, NZDUSD is forming a falling wedge . Why?
Let’s see the signals. MACD shows a bearish signal and cross may not appear soon. So, this indicates a downward trend may last for a while. Also, the RSI shows the same signal, which is bearish . As we can see, although these signals show the bearish trend , the price is not just going down, it fluctuates within a triangle I marked, which is a falling wedge .
How deep would this falling wedge go?
It could be around the 0.786 Fibonacci I marked, which is 0.6568.
The price had been rising for a while and the trend was mild and stable. So, the price could go back to that trend again after the falling wedge .
Let’s see the signals. MACD shows a bearish signal and cross may not appear soon. So, this indicates a downward trend may last for a while. Also, the RSI shows the same signal, which is bearish . As we can see, although these signals show the bearish trend , the price is not just going down, it fluctuates within a triangle I marked, which is a falling wedge .
How deep would this falling wedge go?
It could be around the 0.786 Fibonacci I marked, which is 0.6568.
The price had been rising for a while and the trend was mild and stable. So, the price could go back to that trend again after the falling wedge .
Comments