Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
NZD/USD: buy or sell the NZD?
BUY 0.661 SL 0.6555 TP1 0.671 TP2 0.674 TP3 0.681
SELL 0.6525 SL 0.658 TP1 0.6425 TP2 0.639 TP3 0.6235
On the daily chart of NZD/USD, bulls couldn’t break above the upper boundary of the downward channel for the first time. If they manage to retest it, the pair will move to the 88.6% target of the “Shark” pattern. Vice versa, if bears are able to pull the pair below the support at 0.652, risks of the continuation of the sharp decline will increase.
On H1, the pair has been moving in the direction of targets of “Wolfe waves” and “Shark” patterns. A fall of the pair below the support at 0.6525 will implement the “Broadening wedge” pattern.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
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