NZD/USD Still Southbound
Last time I published everything was going great, but then the unannounced JPY BOJ rate change took place, and that just ruined my entire day - I'm seriously hoping for better this time around.
Reasons I think NU is southbound; the chart shown is 60 minutes, but the daily, weekly, & monthly are also all in the red and heading south. Chickou span is clear of price action, tenken & kijun are running parallel with a slight turn to the downside, the kumo to the right is down & thick (potential strong resistance), candle on Friday closed to the downside and below kijun. Finally, RSI is swung down below the 50.
My concern is there might be sentiment for a rally to the upside before price falls; I would suggest waiting for a confirmation signal of some kind, such as the closing of the first hour's candle come Monday morning before execution.
* Daily time frame: The blue line on the chart is Friday's kijun; green line is Friday's tenken; and the 2 red lines are Friday's open & close.
Reasons I think NU is southbound; the chart shown is 60 minutes, but the daily, weekly, & monthly are also all in the red and heading south. Chickou span is clear of price action, tenken & kijun are running parallel with a slight turn to the downside, the kumo to the right is down & thick (potential strong resistance), candle on Friday closed to the downside and below kijun. Finally, RSI is swung down below the 50.
My concern is there might be sentiment for a rally to the upside before price falls; I would suggest waiting for a confirmation signal of some kind, such as the closing of the first hour's candle come Monday morning before execution.
* Daily time frame: The blue line on the chart is Friday's kijun; green line is Friday's tenken; and the 2 red lines are Friday's open & close.
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