NZD/USD is counting on AB=CD

NZD/USD is counting on AB=CD

Recommendation:

BUY 0.6710

SL 0.6655

TP1 0.6785 TP2 0.6815 TP3 0.691

On the daily chart, NZD/USD failed at the first test of the lower border of the 0.6710-0.685 consolidating range and the upper border of the downtrend channel. Never the less, bulls are still hoping to return the pair to the middle of the precious ledge and trigger “Shakeout-Fakeout” pattern.

NZDUSD daily.png 

On H1, to continue the rally NZD/USD has to trigger AB=CD pattern with a target at 200%. At the same time, the pair will keep forming the “Shark” pattern with a target at 88.6%.

NZDUSD H1.png

Similar

How to trade EUR/GBP?

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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