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malcolmlai
Aug 5, 2020 6:06 PM

NZD/USD Heads & Shoulders Forming? (Updated) Short

New Zealand Dollar/U.S. DollarFXCM

Description

Looking at the weekly (and monthly) we notice a forming a possible Heads & Shoulders. Assuming the H&S forms with confirmation, we can prepare a long order after its completion of the pattern. As of now, I will be short on this one based on price action.

Do note on the fundamental side of things that the Dollar (U.S.) is weakening. Recent low GDP statements, rising COVID cases as well as high-unemployment are factors we should consider before executing a trade.

Do your own due diligence, don't take me word for word I'm only a newbie with a passion for trading!

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