NZDUSD Short |Bearish Divergence|Liquidity Grab|Range Resistance
Evening Traders,
Today’s Analysis – NZDUSD- trading at key range resistance with bearish price action.
Points to consider,
- Macro trend bearish
- Range resistance (Pivot)
- Range Midpoint (immediate target)
- Oscillators diverging
- Volume below average
NZDUSD’s macro trend is bearish with consecutive lower highs, this projection give us a bearish bias on the market. Price is at a key pivot point – range resistance- candle closes above this level will negate the short.
The Range midpoint is the objective, price breaking through this level will increase the probability of testing range support.
The Oscillators both are diverging from price, putting in lower highs; this is an indication of weakness in the market.
Volume is trading below average, an influx is highly likely as we are at key structure anticipating a probable influx due to the double bearish divergence playing out.
Overall, in my opinion, NZDUSD is a valid short with defined risk above structural resistance, immediate target being the range midpoint and beyond. Any moves are to be backed with increasing volume to avoid false breaks.
What are your thoughts?
Thank you for following my work!
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.” ― Yvan Byeajee
Today’s Analysis – NZDUSD- trading at key range resistance with bearish price action.
Points to consider,
- Macro trend bearish
- Range resistance (Pivot)
- Range Midpoint (immediate target)
- Oscillators diverging
- Volume below average
NZDUSD’s macro trend is bearish with consecutive lower highs, this projection give us a bearish bias on the market. Price is at a key pivot point – range resistance- candle closes above this level will negate the short.
The Range midpoint is the objective, price breaking through this level will increase the probability of testing range support.
The Oscillators both are diverging from price, putting in lower highs; this is an indication of weakness in the market.
Volume is trading below average, an influx is highly likely as we are at key structure anticipating a probable influx due to the double bearish divergence playing out.
Overall, in my opinion, NZDUSD is a valid short with defined risk above structural resistance, immediate target being the range midpoint and beyond. Any moves are to be backed with increasing volume to avoid false breaks.
What are your thoughts?
Thank you for following my work!
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.” ― Yvan Byeajee