Te resent move to the upside on NZDUSD seems to loose steam. Recently CCI produced divergence. Furthermore we are not far from the resistance at 0.8770. It looks to me like a good risk to reward trade. The better entry for this trade would be at prviously mentioned resistance 0.8770 but at the moment it is impossible to say if the market will produce another push ...
This is my second long trade and second divergence that appeared lately on CCI indicator. Apart from the divergence XAUUSD is now at the bottom of two regression channels 1. from recent major hight 2. and major low. It looks to me like a good spot for the long trade. Tight stops is esential below 1240,
The trend is up. Butt recently the market hesitates whether to go higher or to break out of the channel. The market missed the chance to reach the channel centre (see the red dot) so that is the sign of weakness. However we are still in the channel and until the channel is broken I tend to bet on trend continuation.
I am going to short AUDCAD right now. It looks to my like it is ready to turn. it is already and resistance level, RSI shows divergence. It hit top of the rising channel . However it still has some space to go up. So in case it will continue to grind up I am going to add to the position once at 1.041