NZD/USD: bulls are in strategic retreat

NZD/USD: bulls are in strategic retreat

Recommendation:

BUY 0.7335

SL 0.727

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.

NZD1.png 

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.

NZD2.png

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