NZD/USD - Possible Cypher formation, overbought RSI
Pair has witnessed a bullish break from rising channel. The pair clocked a high of 0.7254 levels and pushed the daily RSI above 70.0. The overbought RSI means the pair could reverse from anywhere between 0.7254 and point C.
such a move followed by a re-entry into rising channel would increase the odds of a drop towards channel support. A violation there would expose Leg D = potential reversal zone.
such a move followed by a re-entry into rising channel would increase the odds of a drop towards channel support. A violation there would expose Leg D = potential reversal zone.
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