Evening Traders,
Today’s analysis – NZDUSD- testing key weekly S/R with resistance confluence, a move down is plausible.
Points to consider,
- Trend oversold bounce
- Macro weekly S/R ( resistance)
- 200 WMA confluence
- Swing low failure (.50 Fibonacci)
NZDUSD’s price action recovered from oversold conditions, now likely to respect weekly S/R allowing for a short term bearish bias.
The level has technical confluence with the 200WMA that has historically been rejecting price.
Price action is likely to put in a swing low failure, making the immediate target, .50 Fibonacci. How price action forms here will be indicative of the overall trend.
Overall, in my opinion, NZDUSD is a valid short with defined risk. Price action is to be used upon management/ discretion of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“The mind is a fascinating instrument that can make or break you.” ― yvan Byeajee
Today’s analysis – NZDUSD- testing key weekly S/R with resistance confluence, a move down is plausible.
Points to consider,
- Trend oversold bounce
- Macro weekly S/R ( resistance)
- 200 WMA confluence
- Swing low failure (.50 Fibonacci)
NZDUSD’s price action recovered from oversold conditions, now likely to respect weekly S/R allowing for a short term bearish bias.
The level has technical confluence with the 200WMA that has historically been rejecting price.
Price action is likely to put in a swing low failure, making the immediate target, .50 Fibonacci. How price action forms here will be indicative of the overall trend.
Overall, in my opinion, NZDUSD is a valid short with defined risk. Price action is to be used upon management/ discretion of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“The mind is a fascinating instrument that can make or break you.” ― yvan Byeajee
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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.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.