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 wants out of its cage
2019-11-11 • Updated
BUY 0.7275 SL 0.7220 TP1 0.7375 TP2 0.7395 TP3 0.7475
SELL 0.7170 SL 0.7225 TP1 0.7075 TP2 0.6965 TP3 0.6780
On the daily chart of NZD/USD, the fourth attempt of bears to conquer support at 0.7185 was a failure. As a result, bulls got a chance to counterattack. The first thing for that is to get the pair out of the downtrend channel.
On H1, NZD/USD formed a “Widening wedge”. A break of resistance at 0.7270-0.7275 will open the pair way to the upside. On the other hand, to continue the declines bears need to pull the pair below 0.7170.
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