NZDUSD - At critical support
Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
As I originally pointed out a couple days ago that NZD was at a decision making point, we are there yet again! I basically called this bottom and we're finding support here. This support is here, but how long will it hold?
We can see from the channel we're in that we're punching it repeatedly. Here's what I can see right now:
1. Strong sell pressure got us down to where we are. Very strong sell pressure. Almost all the volume on the way down was selling.
2. We are having a weak reaction. Support levels are only strong if you see a strong reaction. If there's not a strong reaction (there isn't) then we'll likely fall back down some more.
3. The oscillators just look really bad right now. Best case is we move sideways for a few bars (maybe a couple days) but unless there's a reaction here (and soon), we will start trading further outside of this channel causing sells to occur.
If we fail this zone, the next area to look for support is .672 or .667
Trade Safely Friends!
<3 -CE-
As I originally pointed out a couple days ago that NZD was at a decision making point, we are there yet again! I basically called this bottom and we're finding support here. This support is here, but how long will it hold?
We can see from the channel we're in that we're punching it repeatedly. Here's what I can see right now:
1. Strong sell pressure got us down to where we are. Very strong sell pressure. Almost all the volume on the way down was selling.
2. We are having a weak reaction. Support levels are only strong if you see a strong reaction. If there's not a strong reaction (there isn't) then we'll likely fall back down some more.
3. The oscillators just look really bad right now. Best case is we move sideways for a few bars (maybe a couple days) but unless there's a reaction here (and soon), we will start trading further outside of this channel causing sells to occur.
If we fail this zone, the next area to look for support is .672 or .667
Trade Safely Friends!
<3 -CE-
CE - BitDoctor
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Beware of scams - I'll never DM you asking for funds.
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