NZD/USD: a head and shoulders
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Recommendation:
SELL 0.6715
SL 0.6770
TP1 0.6615 TP2 0.6595 TP3 0.6495
On the daily chart, NZD/USD is consolidating in the 0.6715-0.6855 range in line with the “Head and Shoulders” pattern. A successful test of its lower border will allow bears to count on the formation of the senior and junior AB=CD patterns with 261.8% and 127.2% targets.
On H1, NZD/USD is ready to trigger a “Broadening wedge”. For that, bears need to pull it below support at 0.6715 where the lower border of the “Spike and ledge” pattern lies.
