NZD/USD: bulls counterattack

NZD/USD: bulls counterattack

Recommendation:

SELL 0.688 SL 0.6935 TP1 0.678 TP2 0.67 TP2 0.665

BUY 0.696 SL 0.6905 TP1 0.706 TP2 0.7115 TP3 0.718

On the daily chart of NZD/USD, a pin bar let bulls to counterattack. They are trying to form a double bottom and return the situation under control. To begin with, buyers need a successful test of resistance at 0.696 (upper border of a downtrend channel + 23.6% Fibo correction).

NZD1.png 

On H1, NZD/USD is forming “Three Indians” during a correction. A decline below supports at 0.6890 and 0.6880 will increase the risks of a downtrend’s resumption.

NZD2.png

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