NZD/USD is preparing to take off
Read the article on FBS website
Recommendation:
BUY 0.7335
SL 0.7280
TP1 0.7445 TP2 0.7525
On the daily chart, NZD/USD keeps forming the inverted 5-0 pattern. The recoil of support at 0.7278 (38.2% of the wave CD) allowed traders to form longs in hope for a resumption of the uptrend. The necessary condition for this scenario is the return of the prices inside the borders of the short-term uptrend channel.
On H1, NZD/USD is forming a “Dragon” pattern. The break of resistance at 0.7334-0.7337 (61.8% of the last bullish wave + the upper border of the descending trend channel + dragon’s head) will increase the odds of the bearish trend.
