23 DEC TO 27 DEC NZDUSD
NZDUSD Analaysis. 23 - 27 December
NZD has gained some strength over the past few weeks. However, NZD/USD struggles to retain the advance from the monthly low (0.6424), and recent developments in the Relative Strength Index (RSI) warn of further losses as the oscillator falls back from overbought territory and offers a textbook sell-signal.
NZD/USD fails to test the monthly high (0.6576) even though New Zealand’s Gross Domestic Product (GDP) report shows an uptick in economic activity, with the growth rate climbing to 2.3% from 2.1% per annum in the second quarter of 2019. We can see from the D Chart, there is a very strong Resistance and Support Zone between the prices of 0.65617 to 0.65913
Right now, the prices are starting to consolidate into a very tight wedge. In a smaller timeframe of H4, NZDUSD has attempted to break the D TF Expanding Wedge.
From a price action point of view, the buyers have been unable to create a higher high from 13 December to now. What we would like to see from now is for the price to breakdown towards 0.65913 and break the wedge (blue line) in a H1 TF and safer on a H4 TF. The buyer will attempt to to retest the blue line (wedge line) before giving up completely. For those who have spotted a H&S as well, I dun think it is valid as the right shoulder is way to close to the head. But nevertheless, it can be considered as well
NZD has gained some strength over the past few weeks. However, NZD/USD struggles to retain the advance from the monthly low (0.6424), and recent developments in the Relative Strength Index (RSI) warn of further losses as the oscillator falls back from overbought territory and offers a textbook sell-signal.
NZD/USD fails to test the monthly high (0.6576) even though New Zealand’s Gross Domestic Product (GDP) report shows an uptick in economic activity, with the growth rate climbing to 2.3% from 2.1% per annum in the second quarter of 2019. We can see from the D Chart, there is a very strong Resistance and Support Zone between the prices of 0.65617 to 0.65913
Right now, the prices are starting to consolidate into a very tight wedge. In a smaller timeframe of H4, NZDUSD has attempted to break the D TF Expanding Wedge.
From a price action point of view, the buyers have been unable to create a higher high from 13 December to now. What we would like to see from now is for the price to breakdown towards 0.65913 and break the wedge (blue line) in a H1 TF and safer on a H4 TF. The buyer will attempt to to retest the blue line (wedge line) before giving up completely. For those who have spotted a H&S as well, I dun think it is valid as the right shoulder is way to close to the head. But nevertheless, it can be considered as well
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