The pair’s continuing the overall downtrend since October as it breached down the wedge earlier this month.
NZD/USD: kiwi wants out of its cage
BUY 0.699 SL 0.6935 TP1 0.709 TP2 0.711 TP3 0.7185
SELL 0.6955 SL 0.701 TP1 0.6855 TP2 0.6755 TP3 0.6655
On the daily chart, NZD/USD reached an interim target at 78.6% of the “Bat” and formed a pin bar. This is inspiring bulls for a counterattack. To resume the downtrend, bears need to pull the pair below May low.
On H1, NZD/USD formed “Three Indians” and “Spike and ledge”. A break of support at 0.6955 will increase the risks of the downtrend’s resumption. On the other hand, successful test of correction high in point 3 will open the way up.
USD/SGD has rebounded from the 50-week MA (1.3520) and is now retracing November-January decline.
If this week the Aussie closes in the negative area, it will continue towards the lower levels in line with the long-term downtrend.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...