On New Zealand Dollar v US Dollar price have made one leg to the downside (X-1) and have now pulled back to the MIDAS R1 Curve which happens to line up with 4HR Supply and Resistance (Blue Horizontal Line). The MIDAS Support Curve S1 have now become RESISTANCE as price made its first leg to the downside - terminating the uptrend. Momentum is also showing signs of upcoming bearish momentum in form of a bearish divergence in overbought conditions.
I was looking for this pair this morning. This is what I see; there is a SZ at 88.6% fib at 0.7730 area, we can short this sz and our target will be before the Dz at 0.6813. then will go long from the Dz. What do you think?
Carl_G
⋅
@ 0.77?
Ahmed_bunah2
⋅
Sorry @ 0.7280 area ( I need more coffee, lol)
Carl_G
⋅
I think thats too high...but if price were to return to that level I would sell big :) Its a nice zone but I think too optimistic.
Carl_G
⋅
I think long from the demand zone is good but only short term. This is a monthly trade
Carl_G
⋅
I am staying short NZD/USD as I am expecting US Dollar to rally as well.
Ahmed_bunah2
⋅
the DZ you mentioned is weekly and monthly Dz as well. The question is ; if the sz at 0.7280 area will hold and drop from it or will rally higher before it will drop???
I was looking for this pair this morning. This is what I see; there is a SZ at 88.6% fib at 0.7730 area, we can short this sz and our target will be before the Dz at 0.6813. then will go long from the Dz. What do you think?