NZDUSD formed a head and shoulder pattern but instead of price breaking neckline to the downside it tested the right shoulder, creating a double top formation, gaining enough momentum to swing low. Price then broke below a major support level, turning it into a resistance level. I expect price to retest this newly established resistance level signaling a short opportunity at 71500/71700 with stops at 72500 and targets at 70800 and 70400.
N.B. Analysis is subjective. Individual analysis adviced
N.B. Analysis is subjective. Individual analysis adviced