Today NZD/USD opened in a bullish tendency, and made a high above the previous daily close during the Asian session. It then rejected the level and started to fall.
The move is a continuation of the earlier downward inversion from the resistance zone around 0.7420, identified by the bearish order block of July the 26th.
The elements that supported the intraday signal were the following:
- - Market Stats: 52.77% daily probability of a bearish candlestick
- - Net Change: weekly bearish candlestick
- - Info Panel Market: negative Volume Delta
- - Power Strenght: NZD 100% SHORT, USD 100% LONG
- - HLOC: rejection of the previous daily close
- - Algo Zones: RSI below 50 on every timeframe with the exception of the monthly
- - Market Pressure: bearish confluence
The Target Geometry gave the dell signal at 0.7252: the currency pair dropped 49 pips from the entry level, hitting target 5.
The completion of the corrective move could continue in direction of the monthly open at 0.7175, as indicated by the Open Line on the daily chart.
