Recommendations: SELL 0…
NZD/USD took a break
TP1 0.7700, TP2 0.7900
On the daily chart, NZD/USD reached 113% target of the inverted “Shark” pattern. This increases the risks of correction, but doesn’t cancel the long-term uptrend. Increase towards 0.7900 (161.8% target of AB=CD) will likely continue.
On H1, NZD/USD formed a triangle and a “Spike and ledge” pattern on the basis of 1-2-3. If the pair quits the 0.7460-0.7525 range, the uptrend may resume or the pair may correct towards the lower border of the trading channel.
Recommendations: SELL 1…
Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines; the market had corrected to Tenkan-sen and ready to continue the main trend.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.