FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Since December 2015, $NZDUSD respected 2 patterns I've mentioned for it (red Gartley and blue Gartley ) and reached from the bottom of the weekly range to its top last week when it touched 0.685.

As you can see, when $NZDUSD reached 0.685 and tested its weekly trading range's top (also a broken trend line that acted as resistance) it folded and closed the week below 0.68,

0.685-0.69 is the nearest strong resistance zone that you can try and short as long as $NZDUSD will remain below it..
However, if the price will break higher, I would pay close attention to 0.7 - A psychological level that also includes 2 harmonic patterns completion zones - Bearish AB=CD pattern and bearish Butterfly .
0.7 Would be a great sell zone to monitor if the price will find the strength to reach to it.

Obviously, the first target zone in such scenario would be 0.685 - A resistance that will turn to support.. but I wouldn't rule out a deeper retracement to lower level, even to the 200 days MA as $NZDUSD perhaps just started its weekly reversal and it may be a shaky one.

Tomer, The MarketZone


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