A new opportunity to Sell in NZDCADMidterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast resumption of downtrend.
Technical analysis:
.While the RSI resistance #1 at 73 is not broken, the probability of price increase would be too low.
.A peak is formed in daily chart at 0.9160 on 06/08/2018, so more losses to support(s) 0.9110, 0.9065, 0.9000 and more depths is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index ( RSI ) is 64.
Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (0.9170 to 0.9240), if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (0.9170)
Ending of entry zone (0.9240)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 0.9110
TP2= @ 0.9065
TP3= @ 0.9000
TP4= @ 0.8930
TP5= @ 0.8860
TP6= @ 0.8785
TP7= @ 0.8640
TP8= @ Free
