$NZDUSD | Sell Trade | Market Exec |

28 thg 8

Technical Confluences:

• Price action is in Overbought conditions for Daily and Weekly Timeframe
  
• Price bounced off the 38% Fibo retracement
  
• Price is also rejecting the Resistance trendline
  
• Price action also reversed away from an Interest Zone
  

Fundamental Confluences:

• With all other Central Banks in the DM space wanting to cut rates, it negates off the yield premium that NZD would be getting against USD
  
• Market is consolidating after all the USD sell-off and profit-taking mood is here now
  

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Took a short position here targeting the 38% Fibo extension level while will look to cut above the Interest Zone. Risk/Reward ratio is at 2.41.

Price should not break above the Resistance trendline to affirm the recent price has topped out.

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