NZDUSD UPDATE

From my last analysis on NZDUSD, I said the there has an overextended move to the upside on the daily and weekly perspectives, and it will start to push to the downside to find support area, and now the NU is doing what I mentioned in my last analysis.

From the institutional' point of view, they were shited their bearish bias to bullish bias on the NZD. In today's new report, more short were closed than long, around 10k of short were closed. During NZDUSD push to the downside, massive of short positions were closed, but long positions not added yet, this implied a started of accumulation phase, and they are more willing to buy at the lower price.

The proper way to approaching this pair is to wait for the retest on the new daily structure, then we only can look for the short opportunity. If you already short at the higher price, you may risk-free it and hold till the daily support area.

The result might not follow my analysis, and this analysis is based on the technical and COT perspective.

Comment below let me know your views on NZDUSD.