NZDUSD: Reversal from Resistance - New Trade Opportunity
2019-11-22 14:03:11
The price bounced from the resistance zone formed by SMA100 and 0.64450 resistance. MACD histogram supports a downward movement. ADX line is below 20, and it tells us about the range market conditions and that buyers are not active. It is the reason why, after an upward movement and the reversal from the resistance zone, the downward movement will be logical.
The lower timeframes will be good for searching exact sell opportunities based on trend reversal and breakout signals.
In order to get a confirmation of the upward movement, the price will have to break the local swing highs and move about 0.64450 resistance.