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 is haunting the “Bat”
2019-11-11 • Updated
TP1 0.692 TP2 0.6855
On the daily chart of NZD/USD, the break of the bottom line of the 0.7185-0.735 consolidation let bears implement the “Bat” pattern with the 88.6% target and hope that the uptrend will end soon. However, firstly, bears need to gain a foothold lower an important level of 0.703.
On H1, there are conditions for the “Dragon” pattern. After the pair rises to the Curl of the Dragon's Tail or the 78.6% target of the “Gartley” pattern, there is a risk of the pullback. To resume the downtrend, bears need to break the support at 0.6995.
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