NZD/USD H4
Our Expectations: Opportunity for short positions after a successful resistance zone test formed by the main trend line, horizontal resistance level and 23.6% Fibonacci correction. Supporting Short-a is also DeMarker 14, which forms a Double top in an oversupply zone, turning and pointing down from the over-purchase area - a strong bearish signal indicating a new bearish impulse. Sequential also supports the short positions, with the second bottom down - the downward impulse is still in its infancy. Price Action - Activated swallowing bar formations that break through and short-term support.
Alternative scenario: If the current H4 bar registers a raise and closes above the resistance zone, the negative scenario will break and we are more likely to see a rise in the NZD price.
Stop Loss: 0.69946
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