NZD/USD: risks of decline

NZD/USD: risks of decline

2019-11-11 • Updated

Recommendation:

SELL 0.7405

SL 0.7460

TP1 0.7305, TP2 0.7225 

On the daily chart, NZD/USD reached 113% target of the inverted “Shark” pattern. As a result, the risks of correction towards 23,6%, 38,2% and 50% of the wave CD increased. The “Shark” pattern may transform into 5-0 pattern. For a start, bears should bring the pair below support at 0.7410.

NZD.png

On H1, the break below the lower border of the downtrend and consolidation within the “Spike and ledge” pattern on the basis of 1-2-3 will increase the risks of a pullback with the following triggering of the “Shark” pattern (88.6% and 113%).

NZD2.png

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