NZD/USD: bears return to the game

NZD/USD: bears return to the game

Recommendation:

SELL 0.728 SL 0.7335

TP 0.719 TP2 0.7105

TP3 0.705

On the daily chart, the inability of bulls to push the pair above the resistance level at 0.7280 was a signal of their weakness. In case of a break of the lower border of the short-term trend channel, bears will have a chance to form an AB=CD pattern.

NZD1.png 

On H1, NZD/USD there are pattern “Head and Shoulders” and “Shark”.   Further dynamics of the pair will depend on bulls’ ability to keep the pair above support at 0.7185-0.7205. If they fail, triggering of the “Widening wedge” pattern will allow bears to continue correction.

NZD2.png

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