NZDUSD currency pair rising strongly from today’s open after the pair formed the Torch Buy candlesticks reversal pattern. Torches are proprietary high-probability candlesticks reversal signals developed by Selected Alpha. Notice the accuracy of the reversal points predicted by the Torch reversals. The unique feature of the torch reversals is that they allow setting very close stop-losses – leading to exceptional reward/risk ratios of the trades (3 and more). Next resistance stands at the resistance level 0.7009 – followed by the key resistance zone made out of the resistance level 0.7044 and the upper daily Bollinger band.
The candle radar measures the strength of this Torch reversal pattern at the 10.69 CandleScore rating – making it the second strongest reversal pattern which formed yesterday.
The pair is also driven up by the clear intraday divergence on the new Zealand and the U.S. dollar sentiment curves.
All analysis presented here is for educational purposes and should not be considered investment/trading advice.