NZDUSD got rejected 2 weeks ago on the 0.618 Fibonacci level and as the price recovered, we find it again near the top of the long term Channel Down. With the 1D technicals going just over the neutral zone (RSI = 55.348, MACD = 0.001, ADX = 20.776), this is starting to be an optimal level to begin shorting. We are placing a first sell here, targeting the -0.236...
55 & 89 EMAs are the ones to watch. During the DotCon decline there were 6 RT's of size into the full decline over 2 years. I anticipate fewer in this decline. _______________________________________________ What causes reversals was stated in the prior commentary.
As it is very obvious, Stochastics has reached a level of 99.81(Same as 100) on the S&P500 Monthly chart. Be very careful of buying the dips as I am expecting the November Candle to close Red with Stochastics at this level. I hope this provides another variable to consider. Thank you Regards, Darren
I added new long position at 76.500 stop below 76.200 Next support is at 75.550 i have bigger long order there.