NZDUSD seems to be forming an inverse head and shoulder pattern . which could signal the begining of another bull market at 0.64-0.650 5zone with a potential 50% retracement .....
however a break below the supply will signal that the bears are still in the market as a result a retest of the of the 0.64-0.650 zone after a break below will be a good insight for a...
potential short of the USDZAR if it closes the daily for 17 January on a bearish engulfing
it has broken below and retested14.5
as well as a downward trend line on the daily
the pair seems to be forming a head and shoulder pattern on the weekly time frame that is where it is more clear.
which has a 50% retracement level.
a retest of the supply zone 1.246-1.2568 and a bullish reversal pattern on the weekly or any other significant lower time frame might be a probable good sign for a long term bull
FOOD FOR THOUGHT AUDUSD SEEMS TO BE BOUNCING ON THE TREND LINE TO REVERSE AND CONTINUE THE BULL RAGE
THE CLOSE OF THE DAILY CANDLE TODAY AND TOMORROW WILL DETERMINE WHETHER ITS A BULL MARKET .
WE PREFER TO SEE IT CLOSE ON ANY STRONG REVERSAL CANDLESTICK PATTERN LIKE A ENGULFING PATTERN OR ANY OTHER MIGHT SIGNAL A BUY WITH A STOP LOSS SLIGHTLY BEL0W THE REVERSAL...
potential sell off retracement if it retest 114 and forms a reversal candlestick pattern to 112
NOTE :CYNE LINES---- MONTHLY SUPPORT/RESISTANCE
GREEN "" ---WEEKLY SUPPORT/RESISTANCE
YELLOW "" --- SUPPORT/RESISTANCE
there is a potential reversal (head and shoulder )with a 61.8% percentage reversal for GBPUSD
patience is key on this one.
upon reaching 1.26 range there is need for confirmation in the for of an engulfing candlestick pattern or any other pattern on he daily or weekly time frame
