NZDUSD | COULD BE A GOOD SELL
Hey Traders 👋
The market is currently trending upward, but after its bullish push, we might see a retracement back to the 20 moving average or the trend line, potentially yielding 40 pips profit.
Notably, the monthly pivot point is struggling to break on both monthly and weekly timeframes. With the end of the monthly candlestick approaching in about 1 day and 8 hours, it's unlikely that this pivot will break, 4 hour RSI is also overbought.
The 12-hour upper shadow confirms bearish pressure at this pivot. Although a break is possible, it's outside our typical strategy. If considering a position, I recommend a lower lot size for safety.
The market is currently trending upward, but after its bullish push, we might see a retracement back to the 20 moving average or the trend line, potentially yielding 40 pips profit.
Notably, the monthly pivot point is struggling to break on both monthly and weekly timeframes. With the end of the monthly candlestick approaching in about 1 day and 8 hours, it's unlikely that this pivot will break, 4 hour RSI is also overbought.
The 12-hour upper shadow confirms bearish pressure at this pivot. Although a break is possible, it's outside our typical strategy. If considering a position, I recommend a lower lot size for safety.