The New Zealand Dollar.

Good evening Forex Traders,

Tonights chart is of the NZD and is in a position of a 123 formation both longer and shorter term.

This could just be a retrace/pullback or start of a trend change. I am not trying to predict anything here but by putting confluences together I am trying to get trading opportunities.

Together with the 123 pattern and MACD divergences there is also the elipse being tagged from the recent October pullback who's high also tagged the MOB at a significant figure as shown on the chart below.

There is also a retest of the broken trendline with an OB Stochastic indicator with no false bar and an RSI heading down and below fifty.

Remember this is heavily against the trend and so trade accordingly in conjunction with your trading plan.

As always please ensure to do your own analysis before taking any trade.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.