NZD/USD: bears returned home

NZD/USD: bears returned home

2019-11-11 • Updated

Recommendation:

SELL 0.7145 SL 0.72 TP1 0.6045 TP2 0.6965

BUY 0.6965 SL 0.691 TP1 0.7065 TP2 0.7145

On the daily chart, NZD/USD keeps forming Gartley pattern. Its 78.6% target is near the lower border of the uptrend channel. This increases the risks of a pullback. After that, buyers may try to resume the uptrend.  

NZD1.png  

On H1, there’s the short-term downtrend. The nearest resistance is close to 0.7145. The inability of bulls to overcome it will signal buyers’ weakness.

NZD2.png

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