After completing a substantial 4-week bullish rally, the US Dollar closed last week with a big bearish candle, which has led to a 2.63% decline in US Dollar prices. The million-Dollar question on traders' and investors' minds: is this the start of a US Dollar dump or just a correction?
NZD/USD: the kiwi faces the uncertainties
2019-11-11 • Updated
SELL 0.6840 SL 0.6895 TP1 0.6760 TP2 0.6695 TP3 0.6630,
BUY 0.6895 SL 0.6840 TP1 0.6970 TP2 0.6990 TP3 0.7050
On the daily chart of NZD/USD, the "Three Indians" pattern is implemented. Bears managed to move the pair out of the upward channel. They plan to break the support at 0.6750, activate the "Shark" pattern and reach its 88.6% target.
On H1, the pair moves down due to the combination of the "Three Indians" and "Spike and Ledge" patterns. If the bearish pressure continues, the pair may retest the lower border of the "ledge". Otherwise, if its upper border is broken, bulls will push the pair up.
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