NZD/USD is currently forming a potential Double-Top-Pattern after an attempt to break above the monthly key-resistance.
The DAILY RSI is showing an completly overbought situation causing NZD/USD to consolidate with a weaker performance compared to its competitor AUD/USD. A break below the 50 EMA, Trendline and horizontal support-zone could cause more momentum to the downside and give us a great opportunity to short.
A risk-off-sentiment in the stockmarket woulde confirm this idea in terms of correlations.
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Comment
Looking at volume you can clearly see no open interest with the previous breakout above the mnothly resistance. The current retracement will show whether this has been a fakeout or not.
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