FXtrades-gp

NZDUSD: Confirming the HEAD and SHOULDERS Pattern!

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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🟢Forex Pair:
NZD/USD

Technical Analysis:
Let's start with the weekly chart, since the end of March 2020, the price has been moving with a really strong uptrend and it reached now an interesting S/R area.

In the daily chart , the price has been moving with a strong uptrend, with an interesting positive impulse started at the beginning of November 2020.
Once the price reached its first resistance level at about 0.70000, it started getting rejections on that zone, closing every time with a price higher than the previous one .

In the h4 chart the price created an interesting pattern, it's a possible head and shoulders pattern, and it usually means the end of a trend or also the complete inversion of that trend.
The price also reached a strong weekly S/R zone and the next price action around this level will be essential to understand the next market movement and if our pattern could be considered valid.

🔴Conclusion: ✔️
The price is actually in an interesting area, If it will break the S/R level and it will pullback on it, I'll definitely plan my short position for this trade.

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What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly,
Gianni

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Comments

nice job! thank you for sharing
+1 Reply
@abel11, You're welcome abel! thanks for your support!
Reply
I have same view mate
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, Hi Dawe and thanks for your feedback! I really appreciate! Lovely chart, hopefully we will be right! :D
Reply
lvoe your work bro! good view !
+1 Reply
FXtrades-gp airforexoneJAVIER
@airforexoneJAVIER, Hi! and thanks so much! I'm glad to hear that!:D
Reply
what a beautiful, following your analysis on point!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, that's absolutely an interesting opportunity! what do you think? :)
Reply
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