Monday, September 5, 2016

NZDUSD context - 09/05/2016

I'm following closely the Kiwi, because I anticipate a possibly nice and juicy short setup. The rise from the 0.6146 low can be labeled as a zigzag pattern where wave C is an ending diagonal, or the whole upward movement is a leading diagonal and thus suggesting that at least the first part of a trend reversal is reaching its end. Either way, at least a nice correction is due in my opinion. The first indication would be an impulsive break of the 0.728 support level. The impulsive break of the 0.695 level would give me a nice confirmation, especially if the momentum of the local top won't reach the sustainable bull zone (top blue zone on the RSI). This is just my context. Momentum configuration and signal will also be needed to open a short position.

NZDUSD - weekly chart

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