The overall of the chart is strongly bearish
Following a very strong ascending wave on AID/NZD price chart, the price chart on this asset is now on a resistance level. Different indicators are issuing negative divergence and the price line does not seem to be able to break above level 0.618 of the Fibonacci retracement.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
In the USDSEK price chart, bearish candles are lengthier and more powerful than bullish ones, pushing the price line toward the support area of 10.29000. Large numbers of buy orders are predicted in the zone, which is why a new price line pump is anticipated. The bearish trend line that has established the current bearish phase is shown by the red descending line on the chart. To establish long positions and move into the resistance zones listed below, traders should keep a watchful eye on the chart for any piercing patterns that break above this line.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.