NZDJPY Dynamic Resistance| Local S/R| 200 DMA| Macro Bear Trend
Evening Traders,
Today’s analysis – NZDJPY- in a macro bear trend where rallies are to be sold into until proven otherwise, current set up allows for a short.
Points to consider,
- Consecutive LH’s & LL’s
- Local S/R Flip bearish
- Weekly S/R target
- Oscillators below 50
- Volume below average
NZDJPY has a bearish bias as the trend continues to establish lower highs. The local S/R has been flipped; a bearish retest will solidify the level. Essentially this retest will allow for a short entry.
The weekly S/R is this immediate target, holding this area is crucial if the market structure is to be changed.
Both oscillators are currently below 50, this is an indication of weakness. Price Action can travel further down before hitting oversold conditions.
The volume is below average, an influx will be indicative of price movement from key trade locations.
Overall, in my opinion, a local S/R Flip retest will allow for a valid short with risk defined. Price Action is to be used upon discretion/ management of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Trade the market in front of you, not the one you want!” – Scott Redler
Today’s analysis – NZDJPY- in a macro bear trend where rallies are to be sold into until proven otherwise, current set up allows for a short.
Points to consider,
- Consecutive LH’s & LL’s
- Local S/R Flip bearish
- Weekly S/R target
- Oscillators below 50
- Volume below average
NZDJPY has a bearish bias as the trend continues to establish lower highs. The local S/R has been flipped; a bearish retest will solidify the level. Essentially this retest will allow for a short entry.
The weekly S/R is this immediate target, holding this area is crucial if the market structure is to be changed.
Both oscillators are currently below 50, this is an indication of weakness. Price Action can travel further down before hitting oversold conditions.
The volume is below average, an influx will be indicative of price movement from key trade locations.
Overall, in my opinion, a local S/R Flip retest will allow for a valid short with risk defined. Price Action is to be used upon discretion/ management of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Trade the market in front of you, not the one you want!” – Scott Redler
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