Seems like it's forming a Head and Shoulders figure. Should go to the old resistance line (Now support) before continue with the rally if the figure is confirmed.
H&S target is not reached yet so I'm expecting another wave up.
Buying blindly and looking to take profit this year.
We might see prices around 50 in June, 2015
After looking at my GBPAUD dollar trade in the morning we noticed other head and shoulders patterns on the GBPCAD, we waited until the price broke below the resistance level and believe this trade will be completed within the next 6-12 hours.
This is a pretty simple High probability trading set up and should be a really good trade.
Trigger!
Good opportunity to go long after breaking the nick line, target one is the measurement of last shoulder to the nick line and target 2 is the normal objective of H&S pattern.
Pretty Shoulder Head Shoulder Formation indicating a reversal.
Trading idea would be to buy in on a break through at 17.90 USD with targets at 28.50 USD.
NZDUSD is on a critical point. It is on the way to form head and shoulders pattern. It is already on the support. Will it break or bounce? The time will tell. If breaks possible downtrend will be consolidated on 0.8410 levels. Then bounce back is another possibility for another shoulder. I am not writing to give any advice. It is only my personal thoughts. I wish...
This looks very much like a topping formation to me, especially with the market stalling yesterday before the previous highs (denoted by the "head" on the chart). I'd be interested in selling rallies, with at least a target of 1837, though preferably a much lower target; 1800 and the 200 EMA beneath it may also be viable targets.
