Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the market made new lows, but there is a strong support on 111.00.
NZD/USD: bears returned home
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.
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.
Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the prices are entered into the Cloud.
Recommendation: BUY 111…
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