
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?
2019-11-11 • Updated
Recommendations:
BUY 0.7370, SL 0.7315, TP1 0.7450, TP2 0.7470
BUY 0.7290, SL 0.7235, TP 0.7450
On the daily chart, inability of bears to lead NZD/USD outside of the bullish trend channel points at their weakness. The condition required for continuation of the rally to 0.7450 (113% target of the “Shark” pattern) is the settlement of the New Zealand’s dollar above support at 0.7345 with the following increase to July high.
On H1, NZD/USD managed to return to the uptrend. As long as the pair is trading above 0.7210, the outlook will remain bullish.
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?
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