NZD/USD: bears return to the game

NZD/USD: bears return to the game


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.


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.




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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