RedStaR

NZD/USD: The 3 month forecast

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
228 0 1
Pair looks to have completed what seems to be an arbitrary harmonic pattern based on fibonacci ratios. If anything, it seems like a perfect Gartley if it weren't for the 50% retracement on XB instead of the usual 61.8%.

Nevertheless, this is also confirmed by the RSI (14), where previous historical data show that a break above the 70 mark was a strong bearish signal that should be noticed.

Most likely, bears will not move too far down, where a bigger bat pattern would most likely complete on the upper trendline by the end of this year. The 38.2% level seems like a reasonable target for correction, which is also confluent with a previous resistance line.

Set your entries and exists accordingly, buy on breaks and sell at pattern completions.
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