NZD/USD: kiwi wants more

NZD/USD: kiwi wants more

2019-11-11 • Updated

Recommendation:

BUY 0.6895

SL 0.684

TP1 0.6995 TP2 0.7165

On the daily chart, bulls managed to lead the pair outside of the descending channel. If they manage to bring the NZD above 0.6907, the risks of a “Shark” pattern will increase. Its 88.6% target lies at 0.7165.

NZD1.png  

On H1, NZD/USD is retesting the “Head and shoulders” neckline. Recoil from resistance will allow bears to pull the kiwi down to 88.6% and 113% targets of the “Shark” pattern. On the other hand, successful test of resistance at 0.6895 will increase the risks of more upside.

NZD2.png

Similar

NZD/USD Rocketed. Is Rally Over?
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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?

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