NZDUSD Forecast Update And Follow Up

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NZDUSD Forecast Update And Follow Up

Hi Traders! NZDUSD forecast update and follow up is here. On September 3rd I shared this NZDUSD Technical Analysis And Forecast post in my blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!

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Now let’s summarize the idea first:

On the H1 chart, the price has created a bearish divergence based on the MACD indicator. Also based on the Parabolic Sar the dots are above the price, we may consider these as evidences of bearish pressure. In addition to this, the ADX indicator gave a bearish signal here as well at the cross of -DI (red line) versus +DI (green line), and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bearish pressure. So based on all this, my short term view is bearish here and I expect the price to continue lower further.

NZDUSD Forecast Update And Follow Up

NZDUSD H1(1 Hour) Chart Current Scenario

Based on the above-mentioned analysis my short term view was bearish here and I was expecting the price to move lower further. The price which was moving lower created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as a fact provided by the market supporting the bearish view. Generally, after a bearish trend pattern, we may expect pullbacks and then further continuation lower. The pullback happened and then the price moved lower exactly as expected, delivering 130+ pips move so far.
NZDUSD Forecast Update And Follow Up
This is a good example of how the market provided us with hint supporting the bearish view. As you can see in the example above the market provided us with a hint in the form of bearish trend pattern which acted as evidence of bearish pressure. And then as you can see in the screenshot above how the price moved lower after that. This is why I always say that as traders we should follow the facts and hints that the market provides us and take the right action.

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NZDUSD Forecast Update And Follow Up

 

If you have any further questions, don’t hesitate to drop a comment below!

 

To your success,

Vladimir Ribakov
Certified Financial Technician

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