Daily Technical Update:
(1) The NZDUSD has been trading in a sideways range since late September low at 0.7706. Range: (0.8035-0.7659)
(2) This sideways range comes in the context of a bearish trend started from 0.8835 High in July.
(3) The recent bounce of the range support was interrupted at the 50-days SMA. Where downside pressure was seen again. and price has entered a minor short term descending channel.
(4)A shooting star candle at the 50-days SMA and top of minor channel,
(5) RSI momentum is breaking its rising trend line
Possible Outlook: There is a potential for further downside pressures in the near term as long as the high of the shooting star candle is intact. Potential downside targets at recent low 0.7765 then near the range bottom at 0.7670.
Happy Trading :)
Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
(1) The NZDUSD has been trading in a sideways range since late September low at 0.7706. Range: (0.8035-0.7659)
(2) This sideways range comes in the context of a bearish trend started from 0.8835 High in July.
(3) The recent bounce of the range support was interrupted at the 50-days SMA. Where downside pressure was seen again. and price has entered a minor short term descending channel.
(4)A shooting star candle at the 50-days SMA and top of minor channel,
(5) RSI momentum is breaking its rising trend line
Possible Outlook: There is a potential for further downside pressures in the near term as long as the high of the shooting star candle is intact. Potential downside targets at recent low 0.7765 then near the range bottom at 0.7670.
Happy Trading :)
Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
