The US Dollar which continues to dominate the Forex markets has exhibited some correction. Therefore we keep an eye for opportuniites to jump back in and buy it.
After performing a quick scan of the markets using the Trend/Wave/Extreme under the 4 Hour timeframe we can see that the USD continues to be strong trending. Neverhteless the wave and extreme indicators are pointing the USD has retraced sufficiently is some pairs.
More specifically we can see USDCFH/USDCAD being Up Trend Oversold and the NZDUSD being Down Trend Overbought.
NZDUSD (H4) Sell
The Trend/Wave/Extreme mini view indicator is showing us
- Trend bar is Down Red filled pointing Down Trend
- Extremes bar is Up Green filled pointing the pair is becoming overbought
- A solid down trend line chart pattern
*Note: The pair is still in correction mode so wait for two consecutive candles prior to selling as it possible to move higher prior to dropping.
Read about the Trend/Wave/Extreme system here