$NZDUSD | Sell Trade | Market Exec |
Technical Confluences:
Fundamental Confluences:
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Took a short position here targeting the 38% Fibo extension level while will look to cut above the Interest Zone. Risk/Reward ratio is at 2.41.
Price should not break above the Resistance trendline to affirm the recent price has topped out.
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- Price action is in Overbought conditions for Daily and Weekly Timeframe
- Price bounced off the 38% Fibo retracement
- Price is also rejecting the Resistance trendline
- Price action also reversed away from an Interest Zone
Fundamental Confluences:
- With all other Central Banks in the DM space wanting to cut rates, it negates off the yield premium that NZD would be getting against USD
- Market is consolidating after all the USD sell-off and profit-taking mood is here now
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Took a short position here targeting the 38% Fibo extension level while will look to cut above the Interest Zone. Risk/Reward ratio is at 2.41.
Price should not break above the Resistance trendline to affirm the recent price has topped out.
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Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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