NZD/USD: bears are armed with a wedge

NZD/USD: bears are armed with a wedge

2019-11-11 • Updated

Recommendations:

SELL 0.7280 SL 0.7335 TP1 0.717 TP2 0.708

SELL 0.7330 SL 0.7385 TP1 0.723 TP2 0.717 TP3 0.708

On the daily chart NZD/USD, bulls’ inability to storm 88.6% resistance from a 4-5 wave meant their weakness. An exit of quotations out of an upward trading channel will strengthen risks of development of correction in the direction of 0.7170 and 0.7080.

NZD1.png  

On the hour chart NZD/USD, pattern “Broadening wedge” is actual. A successful storm of support at 0.7280 or pullbacks with subsequent rebounds from resistances at 0.7310, 0.7330 and 0.7350 will create opportunities to form shorts.

NZD2.png

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The riskier New Zealand dollar skyrocketed and pushed the NZD/USD pair up to the resistance level of 0.7150. How to trade it now?

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