NZD/USD: kiwi is falling in the abyss

NZD/USD: kiwi is falling in the abyss

2019-11-11 • Updated

Recommendation:

SELL 0.6870

SL 0.6925

TP1 0.677 TP2 0.6625

On the daily chart, the inability of bulls to settle above 0.6907 and 0.6823 points at their weakness. The downtrend towards targets at 127.2% and 161.8% of the “Crab” pattern continues. A condition necessary for its break is the pair’s return to resistance at 0.6980.

NZD1.png 

On H1, NZD/USD triggering of the “Bat” pattern with the following test of resistance at 0.6825 will increase the risks of a move to 88.6%. At that level, it will be sensible to sell the pound.

NZD2.png

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