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.


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.



GBP/USD: pound still supported by Cloud

Expanding bullish Ichimoku Cloud, but falling Senkou Span B(!); a golden cross of Tenkan-sen and Kijun-sen; the market supported by Cloud, but the Bulls can’t continue an existing uptrend.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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