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Forex Daily Analysis by kalaivanan

Title : NZDUSD May Have Made a Major Top


Posted : 7 hour ago

Stop Loss
Current Price


Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0 Automate trades with Mirror Trader -“EURUSD was never able to drop under 1.3642, finding low after NFP at 1.3672. Momentum wise, I am looking for a top. RSI at each top since December has been below 70. This weak momentum profile is not suggestive of a strong bull.” Weekly momentum is just as telling. The most recent top is accompanied by RSI divergence with RSI < 60. This is exceptionally bearish. A similar RSI pattern occurred in July 2008. -1.3909 is possible resistance before the high. If the rate does trade to a new high, then a drop back into the range would be required in order to create a tradable high. It’s worth mentioning that important tops have formed in April/May in recent years. A 1.3750 break would ‘announce’ that a downtrend has commenced.

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Copyright © 2019 All rights reserved. Version 2.04


Copyright © 2019 All rights reserved. Version 2.04


Copyright © 2019 All rights reserved. Version 2.04