NZD/USD: bulls are running out of power

NZD/USD: bulls are running out of power

2019-11-11 • Updated

On the daily chart, NZD/USD made several attempts to bring the quotes outside of the descending channel but failed. In order to break the short-term descending trend, buyers need a successful test of 0.7070. On the other hand, the return of the quotes to 0.6975 and its following break will increase the risks of a 5-0 pattern.

On H1, NZD/USD successful test of support at 0.6975 will trigger the Shark pattern. Its 113% target is close to 0.687. To resume the medium-term bullish trend the buyers need to return the price inside the previous uptrend channel.

Recommendation: BUY 0,707 SL 0,7015 TP 0,7205, SELL 0,6975 SL 0,703 TP 0,687. 

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