**This analysis is purely technical.**
Reasons that makes me believe that the probability of an upcoming bearish movement is bigger than bullish action:
1) On the daily chart, we saw new highs but there is a huge divergence with RSI that shows lower highs
2) Price broke the 20-period SMA
3) Price broke the 23.6 Fib level (as shown on the D1 chart)
4) On the H1 chart, we can see a clear downtrend
Be careful however because we have strong levels coming ahead with a lot of buying pressure. Additionally, RBNZ announcement in the upcoming week to be a market-mover if there is some sort of surprise.
With that being said, feel free to comment and happy trading!
L.F.
Reasons that makes me believe that the probability of an upcoming bearish movement is bigger than bullish action:
1) On the daily chart, we saw new highs but there is a huge divergence with RSI that shows lower highs
2) Price broke the 20-period SMA
3) Price broke the 23.6 Fib level (as shown on the D1 chart)
4) On the H1 chart, we can see a clear downtrend
Be careful however because we have strong levels coming ahead with a lot of buying pressure. Additionally, RBNZ announcement in the upcoming week to be a market-mover if there is some sort of surprise.
With that being said, feel free to comment and happy trading!
L.F.