NZDUSD | Bears threaten rally, today's close is key
I wouldn't characterize the price action we see inside the channel as typical of a channel. Normally, price is choppy, we see a lot of wicks and alternating colour candles.
Instead here we see expansive moves - moves up, moves down running for several days at a time.
In fact, the downward move from March to May looks far more like consolidation, yet clearly had a downward bias.
The opportunity: The bulls have work to do at this level. If they don't cause a bounce off dynamic support, the short opportunity presents.
My play is to wait or today's close. A close below yesterday's low, on the daily charts sets me up for a move lower.
Instead here we see expansive moves - moves up, moves down running for several days at a time.
In fact, the downward move from March to May looks far more like consolidation, yet clearly had a downward bias.
The opportunity: The bulls have work to do at this level. If they don't cause a bounce off dynamic support, the short opportunity presents.
My play is to wait or today's close. A close below yesterday's low, on the daily charts sets me up for a move lower.
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Moving well
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