Dear traders,
this weekly analysis that I started posting requires your work too. Don't just relay on my analysis.
Please draw your trend lines and study price action to either confirm or deny my analysis.
It is for all 8 major Price Index currencies from Monthly, Weekly and Daily charts.
My intention is to help you improve your analysis for any Forex...
Index depicts the strength of each currency. The index is also often used as an indicator of a country's economic health. If the index strengthens, then the country's economic growth is considered stable.
Thus, this index can be used as a basic map of the movement of each pair in forex trading.
In general, people know the dollar index as DXY, but you need to know...
This is an trade idea for New Zealand Dollar Index ZXY. There RSI is Over Sold that is why I am expecting it go up, RSI is oversold in most of the cases when RSI has pressure either sold or buy Price corrects or rejects.
Trying to figure out the 12M and 6M levels for the ZXY seems like at a support level, but new week opening and the next month opening will give a clear picture , trying to provide the weekly levels in comment section, also, will post the next month range after the closing of this month
Strong HTF support on BTC. It’s taken stop up and down and if its got to up, its probably from here or we go short.
I’m looking for one more bear market rally before anything else, so lets see if this plays out. Decent RR, good consolidation. I don’t really see the strength in this signal, but I have a clear region where I’ll be wrong so my risk is define and...
I see ZXY as a good currency to enter long trades against for bullish index currency pairs until we test 1.382 level
Offcourse - one must keep checking the validity of the trend daily basis
Possible trend reversal. Appearance of bullish hammer. Testing of Fibonacci retracement support and bounce back.
However, further monitoring required for dow theory validity.
It is not nzd but it was cad index. here is what I wanted to share instead. apologies for that error. Even though both look bullish, fundamentally zxy is stronger than cxy. So, for nzdcad I will still be looking for buys. I hope this did not affect anyone and I will be extra vigilant next time.
ZXY as seen on the Weekly time frame is same as the Monthly time frame on the current situation.
price is heading to the bottom of the trend line and Monthly + Weekly Demand zone.
A long opportunity should be considered here.
The ZXY is currently weak as we can seem how other pairs have been bullish against her.
Now the New Zealand Dollar Index is close to the bottom of the downtrend heading to the demand zones.
The bulls may come in with full force.
this is my bearish trend idea. how ever wait for clear trend continue moment and wait for trend continue after can entry .this is my opinion not for any signal service .good luck.
