NZDUSD Short Opportunity
Hello traders !
We had a really nice bullish rally in past. Now because of price action and USD fundamentals we can expect some bearish pressure. Price has rejected the monthly resistance and is currently making lower lows and lower highs. This is also confirmed with Double Top pattern and 20 + 50 EMA crossing. I expect a retracement to Double Top‘s neckline and then a lot of bearish pressure to the downside. Potential target is 0.618 fibonacci retracement (red line) from the weekly timeframe.
Thank you for reading 👌
We had a really nice bullish rally in past. Now because of price action and USD fundamentals we can expect some bearish pressure. Price has rejected the monthly resistance and is currently making lower lows and lower highs. This is also confirmed with Double Top pattern and 20 + 50 EMA crossing. I expect a retracement to Double Top‘s neckline and then a lot of bearish pressure to the downside. Potential target is 0.618 fibonacci retracement (red line) from the weekly timeframe.
Thank you for reading 👌
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