NZD/USD: bulls are dreaming about revenge

NZD/USD: bulls are dreaming about revenge

2019-11-11 • Updated

Recommendation:

BUY 0.695 SL 0.6895 TP 0.705

SELL 0.682 SL 0.6875 TP1 0.6625 TP2 0.637

On the daily chart, bulls failed to hold above an important support at 0.6820. NZD/USD consolidated between 0.6820 and 0.6950. If it leaves this range, the risks of reaching 127.2% and 161.8% targets of “Crab” pattern or return to the inside of the uptrend channel will increase.

NZD1.png  

On H1, there’s increased activity of buyers near 0.6880 and 0.6840. If the pair renews November high, this will create reasons for the continuation of NZD advance.

NZD2.png

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After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?

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