The stock of Pepsico formed a kind of messy inverted “Head and Shoulders”.
NZD/USD turned down
SELL 0.6730; TP 0.6650; SL 0.6750
Last week NZD/USD made a significant thrust to the downside. The pair went below the 200-day MA that is now providing resistance in the 1.6730 area. The weekly pivot point is located at 1.6710 and the picture will remain bearish as long as NZD/USD is trading below this level. It looks like the pair is finally breaking the previous range between 0.67 and 0.6950 to the downside. That’s why we favor sell trades.