I will be posting the Monthly view of this pair as well to show the bigger picture but there's a lot of evidence that makes me believe we could be seeing a huge sell-off.
We're currently forming leg C of what I believe is a simple Flat correction. Furthermore Leg C sometimes comes in the form of an ending diagonal which is what we're seeing now and we are anticipating Subwave no.5
Reasons to sell:
1) Weekly RSI Ovebought
2) Bearish RSI Divergence on the Daily
Waiting for a candlestick pattern to confirm the sell.
We're currently forming leg C of what I believe is a simple Flat correction. Furthermore Leg C sometimes comes in the form of an ending diagonal which is what we're seeing now and we are anticipating Subwave no.5
Reasons to sell:
1) Weekly RSI Ovebought
2) Bearish RSI Divergence on the Daily
Waiting for a candlestick pattern to confirm the sell.
Note
The Monthly ViewNote
forming a classic head and shoulders on the 4hNote
same thing happened here before the massive drop...h&s right before it
Note
look at the peak of the b leg for the h&s...very similar scenarioNote
comparison to NZD/USD chart above
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.