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02.03.202118:58 Forex Analysis & Reviews: NZDUSD continues making higher highs and higher lows

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NZDUSD recently made a top around 0.7460 and is now trading around 0.7287. Price continues trading inside the upward sloping channel since March 2020 and continues making higher highs and higher lows. In previous posts we noted the bearish divergence in the RSI as a warning to bulls, but the reversal would only be verified if price broke out of the bullish channel.

Blue lines - bullish channel

NZDUSD's recent high at 0.7460 was not followed by a higher high in the RSI. The bearish divergence remains and so is the warning. This is not a reversal signal but only a warning. As long as price stays inside the bullish channel and above 0.7150-0.72 trend will remain bullish.

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