NZD/USD: kiwi wants out of its cage

NZD/USD: kiwi wants out of its cage

2019-11-11 • Updated

Recommendation:

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.

NZD1.png  

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.

NZD2.png

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