NZD/USD: bears are in the fortress

NZD/USD: bears are in the fortress

Recommendation: SELL 0.7145 SL 0.72 TP 0.698

On the daily chart, NZD/USD formed AB=CD pattern with a target at 127.2%. The pair failed to reach 78.6% of the Gartley pattern. This gives bears hope for a resumption of the downtrend. Their main task is not to let bears get above 0.7190 and 0.7780.

NZD1.png 

On H1, further dynamics of the pair will depend on bears’ ability to return the pair below support at 0.7145. If they manage to do this, chances for a resumption of the downtrend will increase.

NZD2.png

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