The GBP/NZD reached a
daily resistance around 2.1038 level. The technical indicators, like the daily
RSI, are showing a clear overbought area. But the fact that pair created a
daily Macd divergence during the last trading sessions is a possible sign to a
correction. Therefore any attempt to break the resistance will be dangerous to
trade on the long side. So, how can we trade the bearish divergence in the
GBP/NZD? One of the main keys to success in trading is patience. Wait for the
pair to retest the resistance’ then we’ll look for 2 things. One, the slope of
the Macd histogram should be lower than the previous day. The Second sign that
we will look for will be a bearish candle on the daily chart closing below
2.1038. If this scenario will fulfill, then the entry point to a short position
will be below daily low. SL should be place above daily high and TP could be
place near the support level at 2.0600.
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