NZDUSD
------------------------------------------------------------------------------------------------------------------------------
Price has been in a 3 month range and there should be hopefully a decision by buyers or sellers as to what will happen.
Last week sell-off showed strong bearish pressure within this range and a further decline should really see how NZD economy progresses overall as global economies are weakening currently.
Now a common fallacy, retail traders have is that when price retests a level with many touches, the level is weakening, this is untrue. What really is happening is, sellers are getting more sell orders in as the first time the sell-off happened, not enough orders were completed or wanting to get in more orders before moving lower.
From the 4hr channel, we see price respecting both outer boundaries and stays within the Weekly range.
One would think that a big move is imminent, keep watch and see.
I would wait at this point to see what happens next.
------------------------------------------------------------------------------------------------------------------------------
Price has been in a 3 month range and there should be hopefully a decision by buyers or sellers as to what will happen.
Last week sell-off showed strong bearish pressure within this range and a further decline should really see how NZD economy progresses overall as global economies are weakening currently.
Now a common fallacy, retail traders have is that when price retests a level with many touches, the level is weakening, this is untrue. What really is happening is, sellers are getting more sell orders in as the first time the sell-off happened, not enough orders were completed or wanting to get in more orders before moving lower.
From the 4hr channel, we see price respecting both outer boundaries and stays within the Weekly range.
One would think that a big move is imminent, keep watch and see.
I would wait at this point to see what happens next.