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 H1(1 Hour) Chart Current Scenario
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