Pending Short NZD/USD at 0.860X, possible head and shoulder
From a short term perspective, there's a possible head and shoulder scenario for pending shorts at 0.860X for NZD/USD. However, from a long term perspective, I've had a short bias for some time now. Refer to my analysis earlier this month:
As per my previous analysis, it's totally possible for price to continue moving up to the high 0.86XX region for more short opportunities (I still have pending shorts that never got hit).
As far as targets goes, the first target is the mid to high 0.83XX region, where I'm sure there's an abundant number of bulls waiting to get in (especially those that missed out on the recent upswing). No point in speculating further until price has reacted to this region, e.g., it could bounce as stated based on the bulls or just tank through it. When the time comes, I'll post an updated analysis.
PS: I already shorted once before, from 0.8600 to 0.8535 and on the flip side, I longed from 0.8515 to 0.8540 as well.
As per my previous analysis, it's totally possible for price to continue moving up to the high 0.86XX region for more short opportunities (I still have pending shorts that never got hit).
As far as targets goes, the first target is the mid to high 0.83XX region, where I'm sure there's an abundant number of bulls waiting to get in (especially those that missed out on the recent upswing). No point in speculating further until price has reacted to this region, e.g., it could bounce as stated based on the bulls or just tank through it. When the time comes, I'll post an updated analysis.
PS: I already shorted once before, from 0.8600 to 0.8535 and on the flip side, I longed from 0.8515 to 0.8540 as well.