NZDUSD Daily Analysis- Overall Bearish Market Structure
Hello,
I am working on my technical analysis with my charting. Please feel free to comment and give more input if you agree.
NZDUSD has been bullish since March of 2020. Price action previously respected the uptrend parallel channel reaching a major resistance level of 0.74690.
There are resistant candle tops that show a downtrend forming in the market structure. Lower lows have been presenting; confirming the downtrend as well.
Over the next several month I'm expecting price to continue short.
We look for 4 confluences in market structure to confirm the direction of the market. In this idea shown, we have identified several.
1. EMA 8 & EMA 14 crossed over and currently bear.
2. Lower lows presenting resulting downward trend.
3. Candle tops resistance at key resistant levels.
4. Head & Shoulders pattern ( M )
I am working on my technical analysis with my charting. Please feel free to comment and give more input if you agree.
NZDUSD has been bullish since March of 2020. Price action previously respected the uptrend parallel channel reaching a major resistance level of 0.74690.
There are resistant candle tops that show a downtrend forming in the market structure. Lower lows have been presenting; confirming the downtrend as well.
Over the next several month I'm expecting price to continue short.
We look for 4 confluences in market structure to confirm the direction of the market. In this idea shown, we have identified several.
1. EMA 8 & EMA 14 crossed over and currently bear.
2. Lower lows presenting resulting downward trend.
3. Candle tops resistance at key resistant levels.
4. Head & Shoulders pattern ( M )
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