NZD/USD: kiwi caught a crab

NZD/USD: kiwi caught a crab

Recommendation:

BUY 0.689

SL 0.6835

TP 0.699

On the daily chart, NZD/USD broke below the diagonal support and went outside of the uptrend channel. As a result, the odds of reaching 127.2% and 161.8% targets of “Crab” pattern will increase. 

NZD1.png 

On H1, NZD/USD keeps forming the inverted pattern “Spike and reversal with acceleration”. As long as the pair hasn’t risen above 0.7050, bears will keep the situation under control. Formation of the “Head and shoulders” pattern will allow a short-term correction.

NZD2.png

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