NZDUSD has been in a downtrend for quite some time. Scenario 1: On reaching to a strong support level it has formed what looks like a perfect inverted head and shoulders reversal pattern. Price is currently at the neckline and what we expect next is for it to move up a little bit then pull back for a retest of the neckline so that we can go long for the pair.
Scenario 2: The price looks like following a descending channel in which it has tested and respected several times. If the price bounces off from the channel resistance line then we can go short.
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