AUD/NZD: is it time for a correction?
AUD/NZD experienced an impressive rally since the end of March.
NZD/USD: bulls are counterattacking
Recommendation:
BUY 0.7280
SL 0.7215
TP1 0.7335 TP2 0.7395 TP3 0.7475
On the daily chart of NZD/USD, the third attempt of bears to conquer an important support at 0.7185 failed. It points at the weakness of sellers. The necessary conditions for uptrend’s resumption are a successful test of resistance at 0.7265 and the pair’s exit from the short-term descending channel.
On H1, a break of resistance at 0.7280 will increase the risks of “Head and shoulders” and “Shark” patterns. Target at 88.6% of the latter is near 0.7335.
Ivan Karamazov
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