NZD/USD Expected to Rebound Today
The current bearish trend is expected to come to an end anytime soon, and a bullish correction may be in the making. I will illustrate below that the NZD/USD may very well be heading for a reversal. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price.
• The technical indicators used are the Slow Stochastic, MACD, and Relative Strength Index (RSI).
• Point 1: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
NZD/USD 4-Hour Chart
source: forexyard.com
