NZD/USD: kiwi lost power

NZD/USD: kiwi lost power

Recommendation:

SELL 0.7185 SL 0.724 TP1 0.7085 TP2 0.703 TP3 0.696

SELL 0.73 SL 0.7355 TP1 0.72 TP2 0.7085 TP3 0.703

On the daily chart of NZD/USD, the inability of bulls to keep the pair above the upper border of the 0.7185-0.735 consolidation range signaled their weakness and triggered the “Shakeout-Fakeout” pattern. A break of support at 0.7185 will open the way down to bears.

NZD1.png 

On H1, bears attacked as NZD/USD formed the “Spike and ledge” pattern.  After it reached 88.6% target of the “Shark” patterns, the odds of a pullback to 38.2% and 50% of the wave CD increased.

NZD2.png

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