NZD/USD Rocketed. Is Rally Over?
The riskier New Zealand dollar skyrocketed and pushed the NZD/USD pair up to the resistance level of 0.7150. How to trade it now?
NZD/USD: bulls prepare a strike
2019-11-11 • Updated
Recommendation:
BUY 0.7335 SL 0.7280 TP1 0.7435 TP2 0.7530
On the daily chart, NZD/USD keeps retracing in line with the transformation of the “Shark” pattern to 5-0. Return of the pair to resistance at 0.7386 (23.6% of the wave CD) and its following successful test will increase the odds of the uptrend’s resumption.
On H1, bulls are ready to launch a third attack on 0.7334. Their success will trigger the “Shark” pattern and increase the odds of reaching 88.6% target. We don’t exclude the possibility of an inverted “Head and Shoulders” pattern.
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