I'm SHORT GBP/NZD from 2.1149 for the following reasons:
a). R.S.I. is now reading 68 and was over 70 for the last 4 candles (76 last candle). This would indicate that SELLERS are taking the price under overbought.
b). The high (2.1173) sits a band of resistance between WR1 and WR2 weekly pivot. Last week this area (2.1042 to 2.1084) saw SELLERS enter the market and drive the price lower.
c). Although the Pivot Point SuperTrend remains green (BULLISH) we have seen 5 red SELL dots over the last 5 hours.
d). Andean Oscillator shows that the green BUY line is weakening and is about to cross south over the yellow signal line.
e). the RED SELL line has moved away from zero and is rising.
This is a moderately high risk trade as we have no confirmation on MACD and the Andean Oscillator hasn't crossed but we can get in early with a tight 26 pip STOP (at 2.1175).
Furthermore, we have just seen the Pending Home Sales released. This was green at 1.6% (.2% better than expected) and Revised UoM Consumer Sentiment and this too was green (79.4 act. 76.5 exp).
Despite this BULLISH USD news, the market has failed to react though there is still time.
Worth a SHORT from these levels with a STOP as indicated at 2.1173 (ish) and a target of WPP mid pivot/200 EMA at around 2.099 though this target will depend on momentum over the next several hours if we see price drop.
a). R.S.I. is now reading 68 and was over 70 for the last 4 candles (76 last candle). This would indicate that SELLERS are taking the price under overbought.
b). The high (2.1173) sits a band of resistance between WR1 and WR2 weekly pivot. Last week this area (2.1042 to 2.1084) saw SELLERS enter the market and drive the price lower.
c). Although the Pivot Point SuperTrend remains green (BULLISH) we have seen 5 red SELL dots over the last 5 hours.
d). Andean Oscillator shows that the green BUY line is weakening and is about to cross south over the yellow signal line.
e). the RED SELL line has moved away from zero and is rising.
This is a moderately high risk trade as we have no confirmation on MACD and the Andean Oscillator hasn't crossed but we can get in early with a tight 26 pip STOP (at 2.1175).
Furthermore, we have just seen the Pending Home Sales released. This was green at 1.6% (.2% better than expected) and Revised UoM Consumer Sentiment and this too was green (79.4 act. 76.5 exp).
Despite this BULLISH USD news, the market has failed to react though there is still time.
Worth a SHORT from these levels with a STOP as indicated at 2.1173 (ish) and a target of WPP mid pivot/200 EMA at around 2.099 though this target will depend on momentum over the next several hours if we see price drop.