NZD/USD: a “Shark” pattern
Read the article on FBS website
Trade ideas
BUY 0.6860; TP1 0.6955; TP2 0.6970; SL 0.6840
SELL 0.7000; TP 0.6920; SL 0.7020
NZD/USD rose to the highest levels since the start of December. It rose above 78.6% Fibo of the December-January decline at 0.6890. As a result, there are all prerequisites for the pair to form a “Shark” pattern. The pattern implies further advance of the NZD/USD before it makes a sizeable correction. At the same time, it’s worth noticing that the pair will soon meet resistance of the weekly MAs at 0.6955 and 0.7000, so the way up won’t be easy.
The trade idea is to buy NZD/USD on the pullback to 0.6850 and sell around 0.70, although you may think of other ideas within this framework.
