NZD/USD: a “Shark” pattern

NZD/USD: a “Shark” pattern

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.



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