The New
Zealand Dollar versus the US Dollar has been trading within a well formed
bearish channel, which is practically parallel to its 200 exponential moving
average on the daily chart. The price may try to visit the lower trendline of
the channel from where it may bounce back up. Therefore, we must be attentive
to a possible long entry from that area.
However, we
must realize that if the price breaks out of the channel to the upside or to
the downside, its momentum may accelerate in that direction and we may get
surprised on the wrong side of the market.
I fully agree with your assessment.
ReplyDeleteGood analysis, thank you!
ReplyDeleteVery useful analysis.
ReplyDeleteExcellent analysis, you hit the essence.
ReplyDeleteVery nice, thanks.
ReplyDeletewell spotted
ReplyDelete