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: Will the kiwi weaken?
2019-11-11 • Updated
BUY 0.6775 SL 0.672 TP1 0.6875 TP2 0.69 TP3 0.699, BUY 0.671 SL 0.6655 TP1 0.681 TP2 0.6875 TP3 0.69
On a daily chart of NZD/USD, bulls could move the pair towards the convergence zone between 0.6855 and 0.67 (38.2% from the last downward wave – 113% target of the “Shark” pattern). As a result, the risks of the reversal increased.
On the H1, the pair reached the 161.8% target of the “Crab” pattern and moved closer to the 113% target of the “Shark” pattern. It increased the risks of correction towards the short-term upward trend. Rebounds from 23.6% and 38.2% supports of CD wave can be used for long positions.
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