NZD/USD is preparing to take off

NZD/USD is preparing to take off

2019-11-11 • Updated

Recommendation:

BUY 0.7335

SL 0.7280

TP1 0.7445 TP2 0.7525

On the daily chart, NZD/USD keeps forming the inverted 5-0 pattern. The recoil of support at 0.7278 (38.2% of the wave CD) allowed traders to form longs in hope for a resumption of the uptrend. The necessary condition for this scenario is the return of the prices inside the borders of the short-term uptrend channel.

NZD1.png

On H1, NZD/USD is forming a “Dragon” pattern. The break of resistance at 0.7334-0.7337 (61.8% of the last bullish wave + the upper border of the descending trend channel + dragon’s head) will increase the odds of the bearish trend.

NZD2.png

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