NZD/USD: the kiwi is sticking in a channel

NZD/USD: the kiwi is sticking in a channel

Recommendations:

SELL 0.6855

SL 0.691

TP1 0.6755 TP2 0.6655 TP3 0.659

On the daily chart of NZD/USD, there is a 0.6855-0.6975 consolidation within the long-term downtrend. A break of its upper boundary will increase odds of a correction to 38.2% and 50% from the CD wave. A successful break of the support at 0.6855 will let bears move to the 127.2% target of the “Crab” pattern.

nzdusd_d.png

On H1, if the pair goes beyond the upward channel, the pattern “Perfect butterfly” with the 127.2% target will be implemented.

nzdusd_60.png

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