The riskier New Zealand dollar skyrocketed and pushed the NZD/USD pair up to the resistance level of 0.7150. How to trade it now?
NZD/USD: kiwi prepared for takeoff
2019-11-11 • Updated
TP 0.7010 TP2 0.7105 TP3 0.7170
On the daily chart, NZD/USD after fourth unsuccessful test of support at 0.6820-0.6825 returned to the upper border of the consolidation 0.6820-0.6910 range. A successful test of resistance at 0.6905-0.6910 will increase the risks of 88.6% target of the junior “Shark” pattern.
On H1, the inability of bears to lead the pair outside of the uptrend channel points at their weakness. Another test of resistance at 0.6905-0.9610 will lead the pair up to 161.8% target of the “Crab” pattern.
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