pipared1

NZDUSD UP BEFORE DOWN BUT DEFINITELY ANTICIPATION OF A SELL

Short
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
I have a reason to believe that price will go up and then down for a longer duration of time. There is a perfectly formed inverted head and shoulder pattern formation on the 4H chart. I expect for price to rise to retest major resistance zone before sinking back down in search for a demand zone around the .71500 area (could be sooner, could be later who knows). Last week's candle did engulf its previous bull candle to the downside, but however, it did not make a significant new price low. That could be indication that the bull run isn't over and it will continue to rise until a resistance area knocks it down or price decides otherwise. Price could retrace from its current position for about 26 pips and then continue the low. It could also make a u-turn after going up for about 50 or so pips and then make its big drop or it could drop for a completion of a double top right now. We have no idea but anticipate bearish movement for the long run.

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