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by Seth Parker on November 28th, 2018

NZDUSD Analysis – Still waiting for the upswing

Third instrument of the day is Kiwi – NZDUSD. For the last time, this pair was analysed on the 19th of November. Back in that day, we were bullish. Now the price is lower, does that mean that we were wrong? Well, maybe but the bullish setup is still here and our sentiment remains positive. Most probably, we will have to wait a bit longer to make that happen. You know, patience is the key. Let’s see how we concluded the previous piece:

“Situation here is similar to this one on the AUDUSD – it is a typical price action movement and the bullish sentiment here is still dominant. Our outlook for the future remains positive. „

nzdusd chart

Since those words were written, the price is in the bearish correction. It is still only a correction but a bit bigger than we thought. Despite the size, it is still very technical. We talk here about the flag (black lines). That structure should end with a breakout to the upside even despite the fact that we came below the horizontal resistance on the 0.685 (orange). Our positive outlook will be denied, when the price will drop below the 0.675 (lows of the flag), which as for now, seems less likely to happen.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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