NZDUSD Bearish Inside Day pattern (when overbought) cautions
NZDUSD 0.6812 – neutral – Bearish Inside Day pattern (when overbought) cautions for further pullback
NZDUSD’s remarkable 3-week rally reached a new 4-month high at .6896 (October 15, 2015). While the momentum indicators are overbought, the subsequent bearish Inside Day pattern warns of potential pullback. A break below the .6781 low (October 15, 2015) would expose the .6738/.6707 support area (July 29/August 27, 2015 highs). Below lies the .6619 higher lows (13/14 October, 2015) near 38.2% of the .6235/.6896 upleg where buyers should step in. However, strength above .6896 would defer the downside and accelerate gains towards .6969 (50% of the .7743/.6190 fall) next.
Outlook:
Intraday: neutral
Daily: bullish
Weekly: bullish
NZDUSD’s remarkable 3-week rally reached a new 4-month high at .6896 (October 15, 2015). While the momentum indicators are overbought, the subsequent bearish Inside Day pattern warns of potential pullback. A break below the .6781 low (October 15, 2015) would expose the .6738/.6707 support area (July 29/August 27, 2015 highs). Below lies the .6619 higher lows (13/14 October, 2015) near 38.2% of the .6235/.6896 upleg where buyers should step in. However, strength above .6896 would defer the downside and accelerate gains towards .6969 (50% of the .7743/.6190 fall) next.
Outlook:
Intraday: neutral
Daily: bullish
Weekly: bullish
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.