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Forex Daily Analysis by kalaivanan

Title : NZDUSD May Have Made a Major Top

 

Posted : 3 hour ago

Symbol
Signal
Entry
Target
Stop Loss
Current Price
NZDUSD
BUY
0.85805
0.86305
0.84305
0.82309

Description

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0 Automate trades with Mirror Trader -“EURUSD was never able to drop under 1.3642, finding low after NFP at 1.3672. Momentum wise, I am looking for a top. RSI at each top since December has been below 70. This weak momentum profile is not suggestive of a strong bull.” Weekly momentum is just as telling. The most recent top is accompanied by RSI divergence with RSI < 60. This is exceptionally bearish. A similar RSI pattern occurred in July 2008. -1.3909 is possible resistance before the high. If the rate does trade to a new high, then a drop back into the range would be required in order to create a tradable high. It’s worth mentioning that important tops have formed in April/May in recent years. A 1.3750 break would ‘announce’ that a downtrend has commenced.

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Copyright © 2017 www.tradebilla.com. All rights reserved. Version 2.46

 

Copyright © 2017 www.tradebilla.com. All rights reserved. Version 2.46

 

Copyright © 2017 www.tradebilla.com. All rights reserved. Version 2.46