NZDUSD Head & Shoulders, Strong USD/Weak NZD

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Over the past 5 months, NZDUSD             has formed a Head & Shoulders formation on the daily chart . Pretty self-explanatory; first shoulder, a taller head and a second shoulder that is taller than the first and yet shorter than the head. Unfortunately, this isn't a perfect setup in the sense that the second shoulder is taller than the first one. Ideally, the second shoulder would be the same height or below the first one.

Regardless, price bounced off the neckline when markets opened this week, and went up to retest the broken support TL as a resistance TL. Tuesday's close candle formed a near doji ( spinning top ).

My trade is shown above.

Currently waiting for bearish price movement to open my sell stop position.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out