NZD/USD: kiwi is getting south

NZD/USD: kiwi is getting south

Recommendation:

SELL 0.6620

SL 0.6675

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.

NZDUSD Daily.png 

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.

NZDUSD h1.png

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