NZD/USD: bears counterattacked

NZD/USD: bears counterattacked

Recommendation:

BUY 0.7280 SL 0.7225 TP1 0.738 TP2 0.7460 TP3 0.7560

On the daily chart, NZD/USD reached targets on the inverted “Shark” pattern. After reaching 113% target of the wave XC the pair started correcting towards 23.6%, 38.2% and 50%. There’s a transformation of the 5-0 pattern with the following resumption of an uptrend. Use recoils from supports at 0.7280 and 0.7190 for opening long positions.  

NZD1.png

On H1, NZD/USD left the triangle and tested the 0.7460-0.7525 consolidation range in line with “Spike and ledge” pattern. This gave the pair a reason for correction to 0.7277 and 0.7241.

NZD2.png

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