NZD/USD: kiwi is on the crossroads

NZD/USD: kiwi is on the crossroads

On the NZD/USD daily chart, there is a correction towards the uptrend. A break of the resistance at 0.7345 will increase the risks for the implementation of the target 113% in the Shark pattern. In contrast, an update of the July low will lead to the development of the correction.

NZD.png

On the NZD/USD hourly chart, it seems that Bulls took a break as there is a consolidation after the long-term uptrend. If we are talking about the process of distribution of the short positions, there will be a deep correction. In contrast, the accumulation of long positions will lead to the continuation of the rally.

NZD2.png

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Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a weak goldean cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are on the weak Kijun’s support.

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