Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
NZD/USD: kiwi is getting south
2019-11-11 • Updated
TP1 0.6520 TP2 0.6430 TP3 0.6330
On the daily chart, NZD/USD keeps forming a “Head and Shoulders” and AB=CD with a target at 161.8%. To continue the decline, bears need to pull the price below support at 0.6520 (78.6% of the long-term rising wave) and settle below it.
On H1, NZD/USD reached targets at 113% of the “Shark”. This increases the risks of a pullback to 23.6%, 38.2% and 50% of wave CD as the pattern is transforming into AB=CD. Corrections are usually used for selling.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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