NZD/USD: bears counterattacked

NZD/USD: bears counterattacked


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.  


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.





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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