Super Bearish Weekly Wick & RSI Divergance - Critical Point
The market retracement gave the DXY a lifeline which has caused it's opposite pairs to take a huge dip leaving one of it's pairs - the NZD/USD with a super bearish wick at a critical resistance zone which stems all the way to Summer of 2016.
X/USD pairs have been having a whale of a time since the market sell off back in March and I have been expecting a reversal here from the NZD/USD for a good while now.
The bearish RSI divergance is indicated by the red diagonal lines.
My target here, as indicated on the chart is the 0.6800 zone & with a tight stop loss above the resistance we are left with a pleasant risk to reward here.
With such a huge rejection at a very obvious key level, the markets finally seeming to be heading into a correction phase (which might be filthy if the fed stop printing) and the clear bearish RSI divergance all kindly indicate that this is due a sell off.
Just my 2 cents.
X/USD pairs have been having a whale of a time since the market sell off back in March and I have been expecting a reversal here from the NZD/USD for a good while now.
The bearish RSI divergance is indicated by the red diagonal lines.
My target here, as indicated on the chart is the 0.6800 zone & with a tight stop loss above the resistance we are left with a pleasant risk to reward here.
With such a huge rejection at a very obvious key level, the markets finally seeming to be heading into a correction phase (which might be filthy if the fed stop printing) and the clear bearish RSI divergance all kindly indicate that this is due a sell off.
Just my 2 cents.
Note
Price action has neatly followed my trend projectionsTrade closed: target reached
Target has been reached. Huge returns if you held throughout!
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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.
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.