NZDUSD: Strong buy signal approaching inside the Channel Down

NZDUSD is trading inside a Channel Down, currently under both the 1D MA50 and 1D MA200 but approaching the bottom of the pattern. The 1D timeframe is technically bearish (RSI = 35.132, MACD = -0.002, ADX = 37.676) but when the RSI hit the bottom of the five month Rectangle it has been a buy signal. Similarly with the top being a sell signal. Those RSI tops and bottoms match perfectly the Highs and Lows of the Channel Down.

We are starting to add small portions of buy now, targeting the top of the Channel Down (TP = 0.62800). If we get a 1D candle close over the Channel Down, we will enter a buy again targeting R2 (TP = 0.65400).


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