Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel of Tenkan-Kijun; the market is breaking out the resistance of Tenkan-sen and Kijun-sen.
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.
Bearish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market is oversold and aussie may go to Tenkan-sen in correctional movement.
Recommendations: BUY 1302 SL 1287 TP1 1…
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.