Recommendations: SELL 0…
NZD/USD: kiwi wants more
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.
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.
Recommendations: SELL 1…
Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines; the market had corrected to Tenkan-sen and ready to continue the main trend.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.