$NZDUSD | Sell Trade | Market Exec |
Technical Confluences:
Fundamental Confluences:
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Took a short position here targeting the 38% Fibo extension level while will look to cut above the Interest Zone. Risk/Reward ratio is at 2.41.
Price should not break above the Resistance trendline to affirm the recent price has topped out.
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- Price action is in Overbought conditions for Daily and Weekly Timeframe
- Price bounced off the 38% Fibo retracement
- Price is also rejecting the Resistance trendline
- Price action also reversed away from an Interest Zone
Fundamental Confluences:
- With all other Central Banks in the DM space wanting to cut rates, it negates off the yield premium that NZD would be getting against USD
- Market is consolidating after all the USD sell-off and profit-taking mood is here now
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Took a short position here targeting the 38% Fibo extension level while will look to cut above the Interest Zone. Risk/Reward ratio is at 2.41.
Price should not break above the Resistance trendline to affirm the recent price has topped out.
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Disclaimer: The personal opinion above does not constitute as an investment advice. Any trade decisions taken based on the above opinion is purely at your own risks. DYOR.
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.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any trade decisions taken based on the above opinion is purely at your own risks. DYOR.
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.