New Zealand Dollar

Good evening Dynamic Traders,

I hope you have all been managing your positions well, and if still in the New Zealand Dollar I suggest you move your stops up tight as this could be in a position to reverse to some degree.

If you look at the daily chart whilst doing your own analysis, you will see we have a nice spinning top candle at the time of writing, which has spiked the golden mean and MACD behaving as it should, and just to note we are still in a downtrend.

However if we look at the 4 hour chart below, the Get Stochastic is OS but has not crossed yet with the last false bar being in the OB area from the previous high.

On this timeframe we have T.J.'s elipse not too far away either. All confluences are not there yet for me on this one as RSI is still below 50 yet, for one.

As always wait until your confluences are in place and dont jump the gun, as Trading is sticking to your rules.

Charts courtesy of AdvancedGet.

Next update will be on Monday evening.

Clayton Farnworth.