Hi Traders! Pullback in NZDUSD will provide us sell opportunity. A detailed analysis of this setup is as follows:
NZDUSD H4 Chart:
On the H4 chart we had a special cycle which has completed itself, now the retrace is happening. The price has currently reached the 38.2% – 50% of the fibo retrace zone. We don’t have any confirmation for bullish reversal yet so we may expect this bearish momentum to continue further.
NZDUSD H1 Chart:
On the H1 chart the price which was moving inside the channel has broken out at the bottom of this channel and is moving lower (After the breakout the bottom of this channel is now acting as a resistance zone). In addition to this inside the channel we also had a triple cycle down followed by double cycle up and we also got the breakout of the uptrend line opening the door for the bears. Currently the price is in a bearish momentum and there is no evidence for bulls yet, hence continuation of this bearish momentum is expected. We may now look for pullbacks to happen with hidden bearish divergence to form and once this pullback completes itself, we can start looking for sells.
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