NZDUSD Weekly S/R| Double Top| 200 WMA| Price Action

8 déc. 2020Evening Traders,

Today’s analysis – NZDUSD- trading at a key weekly trade location where a rejection is probable,

Points to consider,
- Price Action Impulsive
- .382 Fibonacci Support
(200 WMA Confluence)
- Double Top Resistance
- RSI Bullish Control Zone
- Declining Volume

NZDUSD’s immediate price action is impulsive above Weekly S/R, a correction is probable at a clear Double Top resistance.

The .382 Fibonacci is trading in its respective bullish control zone, remaining in these regions is indicative of strength in the market.

The volume profile is gradually decreasing; this is a sing of an influx being imminent when testing key trade locations.

Overall, in my opinion, NZDUSD is a valid short with defined risk; price action is to be used upon discretion/ management.

Hope this analysis helps!

Thank you for following my work

And remember,

“Don’t blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah’