GBP/USD: picture has worsened
GBP/USD turned down from the levels around 1.3015 this week and fell below the 100- and 200-day MAs in the 1.2960 area.
NZD/USD is gathering strength for takeoff
Recommendations:
BUY 0.7205
SL 0.715
TP1 0.7295 TP2 0.7345 TP2 0.7395
On the daily chart, NZD/USD keeps correcting to the long-term uptrend as the “Shark” pattern is transforming into 5-0. Bulls retain hopes for return to 61.8% and 50% of the wave CD with the following recovery of the trend.
On H1, NZD/USD is forming the “widening wedge” pattern. Another test of resistance at 0.7205 will end the process. Success will allow bulls to count on a correction to the current short-term downtrend.
Ivan Karamazov
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