NZD/USD has
been very bullish for the past two months and moved to the upside with about
600 pips but the fundamentals at the end of last week pushed the pair to the
downside and as a result it formed a distinct shooting star candlestick on the
weekly time-frame below the resistance at 0.7265. What is more, on the daily
time-frame before the last drop the pair also formed a hanging man
candlestick. Those two candlesticks are quite likely signals that the bullish
trend may have ended for now and that there will be a move to the downside. If
it does start falling then the closest target will probably be around 0.7200
and a breakout below that level could lead to a further drop towards 0.7130,
which is the (MA)89 indicator on the daily time-frame.
No comments:
Post a Comment