Bearish Divergence| S/R Flip Retest| Long Structural Support Evening Traders,
Today’s Analysis – NZDJPY – breaking a key level where an S/R flip will confirm structural support.
Points to consider,
- Impulse bull move (breaking key level)
- Bearish Divergence evident (allowing for a retest)
- Structural Resistance (immediate target)
- RSI putting in lower highs
- Stochastics sell cross
NZDJPY broke resistance with an impulse move, currently trading at its range median with a valid bearish divergence.
A retest of structural support well let the bearish divergence play out – will also confirm the S/R flip retest.
The RSI is putting in lower highs whilst the stochastics is projecting a sell cross – putting more emphasis on the bearish divergence.
Overall, in my opinion, NZDJPY is likely to confirm support with a retest. A long trade will be valid with defined risk below structure.
What are your thoughts?
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And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee
