NZDUSD has turned bearish on its 1D technical outlook (RSI = 42.582, MACD = -0.004, ADX = 53.918) as up until two days ago it was on the 2nd Bearish Wave of the 2024 Channel Down. This wave appears to have ended as the price hit and rebounded on the S1 level, posting so far two very strong green 1D candles. The pair may make one more Lower Low as on February 5th...
NZDUSD is on a bearish 1D technical outlook (RSI = 42.566, MACD = 0.000, ADX = 31.358) as not only is the long term pattern a Bearish Megaphone but even this week got rejected on the 1D MA50 and maintains the LH sequence. We are bearish on this pair aiming for a -4.18% decline from this week's LH (TP = 0.59600), which is the lowest decline of a 1D MA50 correction...
NZDUSD reached the top of the Bearish Megaphone pattern and along with the overbought 1D technical outlook (RSI = 71.202, MACD = 0.006, ADX = 58.197) is on the ideal short level. The last LH was priced just under the 0.786 Fibonacci level and this is where the price is currently at. We turn bearish, targeting the 1D MA50 (TP = 0.60500).
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NZDUSD got rejected 2 weeks ago on the 0.618 Fibonacci level and as the price recovered, we find it again near the top of the long term Channel Down. With the 1D technicals going just over the neutral zone (RSI = 55.348, MACD = 0.001, ADX = 20.776), this is starting to be an optimal level to begin shorting. We are placing a first sell here, targeting the -0.236...
NZDUSD is trading inside a Channel Down since February 2nd and the price is now near its bottom.
There is the possibility for one last Low around 0.59450 but we have clear indicators that can call the buy entry.
Trading Plan:
1. Buy if the price closes over the MA50 (4H).
2. Buy when the MACD (1d) completes a Buy Cross.
Targets:
1. 0.62150 (Fibonacci 0.618) in...
The NZDUSD pair is under the MA50 (4h) and about to complete a Head and Shoulders pattern.
A break under Support (1) would accelerate what is already a strong sell signal.
Trading Plan:
1. Use split lot. Sell half on the current market price and the rest if/ when the RSI hits its Resistance.
Targets:
1. 0.6100 (over Support 2).
Tips:
1. The MACD (4h) completed...
