NZDUSD – Forming Price Action Squeeze – More Downside?
For about a week now, the Kiwi has been forming a price action squeeze pattern, continually being hemmed in by the 20ema carry, thus limiting the upside. Notice in the 4hr chart below how each upside move gets continually sold off printing LH’s (lower highs).
The downside line in the sand comes in about .8375, so watch for a breakout setup, or breakout pullback should the level collapse which I suspect it will any day now. Only a sustained close above the 20ema will give the bulls some chance at taking control of the short term price action.
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