Today’s Analysis – NZDUSD – impulse move above daily resistance with an immediate sell off, indicating a liquidity pool.
Points to consider, - Impulse bull move ( Volume Climax) - Short liquidity (Daily Resistance) - Bearish Engulfing candle (Short Selling) - Local Support target - Overextended Oscillators
NZDUSD’s impulse bull move ended with a volume climax node, indicating a temporary top.
Price closed candles above daily resistance with no bull volume follow through allowing for short liquidity.
Confirmation was on a bearish engulfing candle back below daily resistance.
The Oscillators are both recovering from over extended levels, a lot of stored momentum to the downside.
Local support is the immediate target, price respecting this level will confirm an S/R flip.
Overall, in my opinion, NZDUSD is likely to impulse down if this is a true liquidity grab. A bounce is likely at local support as this is a technical trade location.
What are your thoughts?
Please leave a like and comment,
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.