NZD/USD took a break

NZD/USD took a break

2019-11-11 • Updated

Recommendation:

BUY 0.7525

SL 0.7470

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.

NZD1.png

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.

NZD2.png

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