NZD/USD: a downtrend may resume
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Recommendation:
SELL 0.6580
SL 0.6635
TP1 0.6480 TP2 0.6400 TP3 0.6370
On the daily chart, NZD/USD reached 224% target of junior AB=CD and bulls are trying to counterattack. Their goal is to push the pair above 0.6710 and return the pair inside the previous consolidation range of 0.6710-0.6850.
On H1, NZD/USD triggered a “Crab” pattern with a target at 88.6%. The odds of advance to it are lower than of a return to support at 0.6580. A decline below it will make the resumption of the downtrend more likely.
