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Signs NZDUSD could be making a top

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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

NZDUSD M IG.png

 

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

NZDUSD W IG.png

 

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.

NZDUSD 2 HR IG.png

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In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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