NZDJPY Descending Broadening Wedge| Local Support| RSI Channel
Evening Traders,
Today’s Analysis – NZDJPY – trading in a probable broadening wedge, confirmation will be on a break of resistance.
The immediate price target however is the local support for an S/R flip confirmation.
Points to consider,
- Local trend bearish
- Down sloping resistance objective
- Local Support S/R Flip
- RSI channel
- Volume Below Average
NZDJPY’s immediate trend is bearish with consecutive lower highs under major structural resistance.
Price holding the .618 Fibonacci increases the probability of establishing a lower high compared to the Dynamic resistance.
An impulse move back to local support for an S/R flip confirmation is probable.
The RSI is in a clear channel, breaking the support of the channel will coincide with a move down.
Volume is currently below average, an influx is highly probable when price action tests local support as this is a clear trade location.
Overall, in my opinion, NZDJPY is likely to test local support for an S/R flip retest. Holding this will increase the probability of taking out the Dynamic resistance of the larger macro falling broadening wedge.
What are your thoughts?
Thank you for following my work!
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
Today’s Analysis – NZDJPY – trading in a probable broadening wedge, confirmation will be on a break of resistance.
The immediate price target however is the local support for an S/R flip confirmation.
Points to consider,
- Local trend bearish
- Down sloping resistance objective
- Local Support S/R Flip
- RSI channel
- Volume Below Average
NZDJPY’s immediate trend is bearish with consecutive lower highs under major structural resistance.
Price holding the .618 Fibonacci increases the probability of establishing a lower high compared to the Dynamic resistance.
An impulse move back to local support for an S/R flip confirmation is probable.
The RSI is in a clear channel, breaking the support of the channel will coincide with a move down.
Volume is currently below average, an influx is highly probable when price action tests local support as this is a clear trade location.
Overall, in my opinion, NZDJPY is likely to test local support for an S/R flip retest. Holding this will increase the probability of taking out the Dynamic resistance of the larger macro falling broadening wedge.
What are your thoughts?
Thank you for following my work!
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader