Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, with rising lines; the prices are under strong resistance and the market is overbought.
NZD/USD: bulls are in strategic retreat
TP1 0.7425 TP2 0.7485 TP3 0.756
On the daily chart, NZD/USD keeps forming a 5-0 pattern. To restore the uptrend, bulls need to conquer resistances at 0.7278, 0.7335 and 0.7386. A pullback to 50% of the wave CD allowed 5-0 to finally form.
On H1, there are “Wolfe waves” and a “Shark” patterns. A break of resistance at 0.7335 will be a signal for opening long positions. As the target, one can use 113% of the wave XC.
Bearish Ichimoku Cloud with falling Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices made a new lows, but the market is oversold and expected a correction to Tenkan-sen.
Recommendation: SELL 0…
Wave (v) of [i] has been ended on 8/8 MM Level, so it's time for a correction. The nearest target for wave [ii] is 6/8 MM Level...
Bulls faced with resistance at 1.2029, so the price is likely going to decline towards the nearest support area at 1.2003 - 1.1975...
Recommendation: BUY 1…