$NZDUSD | Sell Trade | Market Exec |Technical Confluences:
Price action is in Overbought conditions for Daily and Weekly Timeframe
Price bounced off the 38% Fibo retracement
Price is also rejecting the Resistance trendline
Price action also reversed away from an Interest Zone
Fundamental Confluences:
With all other Central Banks in the DM space wanting to cut rates, it negates off the yield premium that NZD would be getting against USD
Market is consolidating after all the USD sell-off and profit-taking mood is here now
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Took a short position here targeting the 38% Fibo extension level while will look to cut above the Interest Zone. Risk/Reward ratio is at 2.41.
Price should not break above the Resistance trendline to affirm the recent price has topped out.
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