FX:NZDUSD   New Zealand Dollar/U.S. Dollar
484 5 6
NZDUSD             failed to reach the ideal target of the head and shoulders pattern, rallying back above the neckline of the pattern, which forms a new neckline for a double bottom formation. The recent dip towards the neckline was re-bought, as price formed a pin bar indicating renewed demand. A break above the recent minor swing high at 0.8340 resistance areas should confirm another leg higher towards the 127.1% extension as a first target followed by 0.8400 areas.

A break back below 0.8300 will probably negate this scenario, and could be a negative reversal signal. That will strongly indicate a sideways market with no clear bias.

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pradafx
2 years ago
Yeah, I also noticed this and opened a small long. But suddenly a big bear candle appered
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snapshot
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SwingAndPip
2 years ago
Ahh I see you looked into my long..
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SwingAndPip
2 years ago
You have to take into consideration that the trade surplus is going to fall in the long term NZD is weak suggesting a short but in the short term we are seeing a price in of generous rates
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nihal.bhat.7
2 years ago
that is a good one.
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