Signs NZDUSD could be making a top

[PIA_First_IC]

Technical

USD Index – Yesterdays price action posted a bullish outside day on the daily chart. This often indicates a change of trend. The weekly chart, and we are holding on to the trend of lower lows. The bias turns positive with buying dips the best option today.

 

 

Monthly: In a large expanding wedge formation that has an eventual bias to break to the downside. We are holding levels close to 0.7300. This has been a congestion zone since 2004-2005

 

Weekly:  We have a possible bearish Head and Shoulders pattern. The most important factor here is long-term bespoke resistance at 0.7297. Support at 0.6984

 

Daily: Doji style candle posted for yesterday’s price action

 

Intraday (two hour) – Evening Doji Star posted from the high, often dictates a top. Possibly forming a bearish Head and Shoulders. Those more conservative among us can wait confirmation on a break of 0.7250, neckline.

[JamesIG]

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[phillo]

My chart FWIW