TradingTechs
Short

NZDUSD H&S break and theoretical projection

OANDA:NZDUSD   NZD/USD
120 6 14
NZDUSD             broke the H&S neckline. Theoretically its projected to extend down into 0.67 which coincides with major support (Green Rectangle , cluster of highs and lows from the beginning of the year which acted as support & resistance ). The PA also agrees with this with 3 big purple candles and aggressive sellers from the high of the right shoulder. A retest and subsequent rejection of the neckline should help a follow-through
Comment: Rejection on neckline resistance as discussed. Accompanied by a bearish close should see some follow-through in the idea. First reference point 0.6955 (swing low)
Comment: Testing the neckline again. A close above wont be good for shorts.
snapshot
Comment: No close above trendline. Idea still valid
Comment: Took it's time with the neckline. Needs a daily close below 0.6985 area (small swing low) to confirm a move towards the bigger swing low at 0.6955. Should accelerate through the second level
please what are your analyse right now
Reply
TradingTechs samehprimo
@samehprimo, Hi it's still the same for now
+1 Reply
samehprimo TradingTechs
@TradingTechs, thanks
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TradingTechs samehprimo
@samehprimo, No worries
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Good idea, but ... the main reason for paying attention to the head-and-shoulders pattern is because a large number of other traders trade on this pattern but be careful with this one.
Reply
TradingTechs PashaUstimenko
@PashaUstimenko, True, but as analysts we show it. Break of the trend line is as important if not more important but time will tell. Thanks for your input
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