NZDJPY: The Market Reached The Resistance Zone. How to Trade?

2019-12-09 14:40:08

The price reached the resistance zone formed by Moving Average with 200 period and 71.550 resistance level.

We got a reversal candlestick pattern at the resistance. RSI is in the overbought zone, and it is going to confirm the price reversal. MACD histogram starts falling, and it gives us a bearish signal.

In spite of bullish signals from MACD lines and DMI, it will be better to search for sell opportunities. The market reached the resistance zone, which can stop the upward movement. If so, we can use a correction from the daily chart to open short trades based on lower timeframes.