A 1:5 Risk to Reward Sell on NZUSD (USD will go up)

Hello everyone,

It has been a while since we had a proper post and we hope to return back to normal moving ahead.

The past 6 weeks has seen a massive weakening in the USD which means stocks has strengthened a lot. This is to be expected as markets swings in both directions.

We see all the USD pairs are completely overbought. (AUDUSD, NZDUSD, GBPUSD and USDCHF being oversold).

This is the moment USD is likely to strengthen and we see the turning point around here.

What are waiting for to pull the trigger on NZDUSD?

1) Hoping for it to get to 0.6120
2) Looking for M15 divergence
3) H4 is already overbought
4) Selling against the high off last week.

If you are patient (and lucky) you are looking at 0.5875 as the target.