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 stabilize the trend
2019-11-11 • Updated
BUY 0.6895 SL 0.684 TP1 0.6995 TP2 0.705 TP3 0.7085
On the daily chart of NZD/USD, bears managed to take control over the situation and pull the pair towards the lower border of the upward channel due to the "Three Indians" pattern. The successful break of the diagonal support near 0.6855 will make the kiwi fall towards the 0.6690-0.67 levels.
On H1, the pair needs to test the resistance at 0.6895 to stabilize the upward trend. If bulls manage to do it, there will be a chance to reach the 161.8% and 261.8% targets of the junior and senior AB=CD patterns.
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