NZDDKK trade ideas
NZDDKK: Sell opportunity on the 2 year Resistance.The pair has been rejected last week on the 4.5000 1W Resistance with the price turning neutral already on the 1D chart (RSI = 52.804, STOCH = 49.660, MACD = 0.020, ADX = 29.748, Highs/Lows = -0.0058). That level, along with the 1W MA200 (orange line) have applied selling pressure for 2 years now.
For that reason and due to the RSI also reaching its +1 year Resistance, we are turning into sellers on NZDDKK aiming at the top of the 4.2600 - 4.1630 Support Zone.
Note here that those levels and the current pattern have been very accurate in determining the most recent bullish leg started in September, as you can see on the successful signal posted 4 months ago below:
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NZDDKK: Buy Opportunity within a tight long term range.NZDDKK is currently consolidating on the 1W frame being near the top of the 1M Support Zone, hence the neutral technical action (RSI = 42.912, MACD = -0.030, Highs/Lows = -0.0155). The 1W Resistance is at 4.5000 and this is the level we are targeting following this month's strong bounce on the top (4.2600) of the 1M Support Zone.
Ideally the 1W MA200 (orange line) should provide Resistance just above our target and keep the pair neutral on the long term. Keep in mind that the dominant long term pattern is a Descending Triangle on 1M and only a break below the 1M Support (4.1440 bearish) or above the Lower High trend line (bullish) can change that. Until then we will get opportunities both ways.
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NZDDKK Sell SignalPattern: Channel Down on 1D.
Signal: Bearish as a Death Cross took place and the MA200 is expected to reject any rebound attempt.
Target: 4.2000 (1W Support).
NZDDKK Buy SignalPattern: 1D Ascending Triangle.
Signal: Bullish as a Higher Low is established.
Target: 4.5600 (just below the 1D Resistance Zone).
Lower Low rejection on 1W. Short to 1D Resistance.NZDDKK made a new Lower Low (4.2649) on the inner 1W Channel Down (RSI = 40.595, low pace still on MACD = -0.026, Highs/Lows = -0.0309, B/BP = -0.0786) and shoulde now give a minor bullish leg on 1D (already on neutral STOCH, STOCHRSI, Williams) to the previous 4.3524 High and Resistance. Our long's TP = 4.3500.
Lower Low rejection. Medium term Long.NZDDKK has rebounded on the soft support of the 1W Channel Down (RSI = 41.290, MACD = -0.018, Highs/Lows = -0.0298, B/BP = -0.0902) Lower Low mark. Entering long, TP = 4.4111.
