Squeeze Momentum Indicator implies that the upwards retracement after the bottoms has come to an end. However, it has not given a clear signal of the direction of the next momentum in the market. By combining this information with the Volume Flow Indicator (VFI) we can see that the upwards trend is really losing its vitality. Besides this the occurring negative...
There is a multi-level head and shoulder pattern forming, and each time the shoulder resistance level has broken. Also, it has reached and going down the Fibonacci retracement levels, Potential pullback rally can start, Don't go for a higher profit.
As you know, I post very little on TV lately. This is mainly due to the fact that I have transitioned my trading style from shorter term (days, weeks) swing trades to longer term (weeks, months) swing trades. I have found myself to be much more accurate, in terms of charting analysis, in this style of trading, and thereby, more profitable....
NZDUSD has broken a negative trend line.
There has been a confirmation through a re-test of the negative trend line.
Higher Highs - Yes
Higher Lows - Yes
We are now looking to buy up to the next resistance zone 0.6198
Any thoughts and comments on this set up are welcome!