Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
NZD/USD: the kiwi is near the precipice
TP1 0.6775 TP2 0.6675 TP3 0.664
On the daily chart of NZD/USD, bulls couldn’t break the resistance at 0.706 and pull the pair out the downward channel that signaled their weakness. Bears are ready to implement the AB=CD pattern with the 200% target.
On H1, the pair is near the 88.6% target of the “Bat” pattern. If the pair reaches the target, there is a high possibility of the pullback. To continue the downward movement, bears need to break the support at 0.6875.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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