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: the kiwi will rise
2019-11-11 • Updated
Recommendation: BUY 0.6865 SL 0.6810 SL 0.6965 TP2 0.699 TP3 0.7055
On a daily chart of NZD/USD, the pair reached convergence zone between 0.6870-0.69 (the 161.8% and 113% targets on the “Crab” and “Shark” patterns). After that, an expected reversal happened. The buyers need to push the price above the resistance at 0.6855 to continue strengthening.
On H1, the “Three Indians” and 1-2-3 patterns are implemented. If the pair makes a reversal towards 38.2% and 50% from the CD wave of the “Crab” pattern with the following bounce from the supports, the long positions can be opened.
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