New Zealand Lamb or Lion ?

Good evening Dynamic Traders,

Due to a technical difficulty on my TradeStation on this currency, I shall show tonights update using AdvancedGet.
The daily chart on the New Zealand Dollar at present is one to keep a close eye on, as we are still in the throws of a downtrend and have today with price action tagged the lower end of a former R/S zone which envelops the higher breather level at the figure. This timeframe has an AdvancedGet Stochastic false bar to the downside, but RSI has nipped up above 50.

If we now go down to the 4 hour timeframe chart below, you will see if you analyse this yourselves, that we do have short term divergence on the MACD, but also as shown on the chart we have an OB Get Stochastic with no false bar to the upside, and we are also nearing T.J.'s medium term elipse.

On this chart you will see we have just had a candle close through the value index and so if this should continue you can use your filters, but be aware of the fibonacci cluster just north. With the confluences accruing I am looking to short but have not entered yet, but am ready for which ever way it decides to run, and am therefore watching with baited breath.

As always please do your own analysis.
















Charts courtesy of AdvancedGet.

Happy trading.

Clayton Farnworth.