NZD/USD Rocketed. Is Rally Over?
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: 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.
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%).
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