June New Zealand dollar has created a mini head and shoulders, plus a bearish flag. USD was up sharply today. Looking for more gain on USD and possible fall of the NZD. Next downside target is 78.6 FIB, .6914. This would start to fill out the last bit of the Bearish BAT pattern.
Comment:
NZD fell from H&S early morning and rebounded slightly as USD may be turning. H&S still in play.
Comment:
Another step down off of the H&S homing in on C position of the bearish bat setup. USD still looking like it has more upward movement today and NZD trying to hammer. If no green top hammer we should see further downside pressure. Next downside target for NZD is .6916 and then .6984 which would be the bottom of a Bat.