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Message: [QUOTE="HubuFX, post: 223636, member: 107424"] [JUSTIFY][B][U]RSI Indicator Flips Above Signal Line for NZDUSD[/U][/B] The NZDUSD currency pair is currently experiencing a surge as it moves toward the upper band of the declining channel in the 4 hour time frame. Interestingly, the RSI indicator has flipped above the signal line, providing a favorable forecast for bulls. This indicates that the NZDUSD has the potential to touch channel resistance and possibly even break outside the channel to test the 0.236 level of fibonacci. Despite the RSI signaling a rise in the value of NZDUSD, there are two bullish engulfing patterns and a hammer that are in line with this bullish scenario. However, for this scenario to be considered more valid, the NZDUSD bulls must close above the 0.5963 minor resistance. Only after this occurs will the road to 0.6019 be paved. [IMG]https://i.ibb.co/pXk65z2/RSI-Indicator-Flips-Above-Signal-Line-for-NZDUSD.png[/IMG] It is important to note that the overall outlook for the NZDUSD remains bearish and that this recent rise can be considered as a correction. The 0.236 fibonacci retracement level plays a crucial role in determining the future outlook of the pair. As long as the pair continues to trade within the channel and under the 0.6019 resistance, the bearish outlook will remain valid. [B][U]Trading Ideas:[/U][/B] HubuFX analysis team suggests closely monitoring the price action and candlestick patterns to identify an optimal entry point for a short order, either around the upper band of the channel or near the 0.236 Fibonacci retracement level.[/JUSTIFY] [/QUOTE]

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