Recommendations: SELL 0…
NZD/USD: waves are coming
TP1 0.7395 TP2 0.7475 TP3 0.76
On the daily chart of NZD/USD, the inability of bears to break below 0.7170 (50% of the wave 4-5 of the “Widening wedge” pattern) points at their weakness. To resume the uptrend, bulls need to push the pair above resistance sat 0.7395 and 0.7475.
On H1, NZD/USD after forming a widening wedge the pair formed “Wolfe waves”. A break of diagonal resistance at 2-4 will create grounds for continuation up to 1-4.
Expanding bearish Ichimoku Cloud with falling Senkou Span A and B; the falling lines Tenkan-sen and Kijun-sen; the market made a new lows since Nov 2016.
Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled dead cross of Tenkan-sen and Kijun-sen with the horizontal lines; the market had returned to negative area.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.