NZD/USD: kiwi is tired of flying

NZD/USD: kiwi is tired of flying

Recommendations:

SELL 0.7345 SL 0.74 TP1 0.7275 TP2 0.7245

BUY 0.7395 SL 0.734 TP1 0.7475 TP2 0.75 TP3 0.756

On the daily chart, NZD/USD is retesting the upper border of the consolidation range 0.7185-0.7350. A rebound from support at 0.7350 with the following advance to April high will open the way up to 200% target of AB=CD.

NZD1.png 

On H1, NZD/USD formed a reversal pattern “Widening wedge” on the basis of “Three Indians”. A successful test of support at 0.7345 will allow bears to count on a correction. To resume the uptrend, bulls need to push the pair above resistance at 0.7395.

NZD2.png

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