very nice looking setup, failed to break clear of 2015 trend line, also a double top. head and shoulders pattern now valid. it has now closed bellow the neckline for 2 consecutive days after failing to close above it today. also has closed bellow the 200 MA which has been holding well. A very nice setup.
This descending triangle has been setting up for weeks now, wait and see how it reacts around the 1.52 area if it breaks target support at 1.51 if it can get through here it has a long way to go down.
NZD is gaining against the other currency pairs. Eurnzd has been consolidating in the area, and its about ready to break out. Daily RSI is now printing lower highs. A break of the 1.52200 level and we can expect the 1.45 area
Nzd is gaining strength against the other currencies. a break of the trend line will signal a sell of to the 1.74 area. Shooting star giving us a good entry.
We have finally reached the golden zone for a buy. I mentioned reaching this area in my previous post. As the week went by we saw the Dollar Index decline and this pair was doing the exact opposite of what it was supposed to do. The bulls allowed the bears to slowly bring price down to the .69300 area. That is the perfect place for a long term buy. for now i...
Bear are still very much in control. We are currently headed for the .70 area. Most likely this is a short term buy to the .70 area. The remainder of the week will be a short for this pair up till about the .68950 area. Once we get there we will look for a chance to buy.
I see the Money Flow Index starting to make lower highs while the Aussie/Kiwi hasn't really followed it lower. This tells me volume is coming out of the strength, so this pair could revert lower.
Bias is toward the downside as we see the kiwi respecting a modified schiff through a potential final leg of an expanding triangle. If top resistance is broken, this bias will be re-evaluated. For now, target is near bottom trendline and bottom median line parallel.
To understand Take a look at my DXY update. Should be a good area to short. Low risk involved. To Will post a picture, looks like we are in the 5th wave on the elliot wave.
NZDUSD bearish price action at top of down trend channel with low volume.
Long nzdusd and dollar weakness and nzd being at oversold levels. target of 100 pips risk of 30 pips. decent R2R.
Clearly visible on cumulative volume selling pressure - falling through the ICE pattern. Wait for pullback and go short.
When price comes back into the sell area (.71) we should see a rejection back in to the buy area (.69700) this should be a retracement for a further move up. Short term sell Long term Buy
By breaking above 0.697, going Long the Kiwi might be a good idea. Over the last 2 weeks the NZDUSD pair has been oversold and there is a clear RSI divergence, while leaving the oversold territory. This time the Moving Average will probably be broken in a bullish manner, unlike the previous 2 times where it acted as resistance. Having a double bottom around 0.69...
As I dive deeper into EW theory my analysis and way of looking at charts has changed. Here's an update to nzdjpy outlook. I'm long and strong! :D