NZD/USD: a downtrend may resume

NZD/USD: a downtrend may resume

2019-11-11 • Updated

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.

NZDUSD daily.png 

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.

NZDUSD H1.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

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