NZDUSD Is this 1D Golden Cross a bearish signal?

26 июн.

The NZDUSD pair has been trading within a Channel Down on the 1D time-frame since the February 02 2023 High. The price almost reached the 0.786 Fibonacci retracement level, which has formed both previous Lower Highs.

As the pair completed a 1D Golden Cross today, traders might immediately think that this is a bullish signal, as theory suggests but in the past 18 months, both previous Golden Crosses have formed the Top.

At the same time, the 1D RSI completed a Double Top, similar to the December 27 2023 Top. As a result, we have strong evidence to sell this pair again, and target 0.57750 (Support 1).

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