NZD USD has been in a downtrend in 2019 .
This pair showed signs of recovery in SEP-DEC when inverted head and shoulder pattern was formed.
Neckline was broken in DEC, which also led to the break of long term resistance.
Price is retesting the same trendline which it broke.
Their is a point of conflunce (Marked by RED Arrow), in case price comes to those levels it...
Price is at the TOP of the channel, Bearish engulfing at the top of channel is welcome sign.
It has formed head and shoulder pattern.
Once the price crosses the neckline we will have the confirmation and target is down south.
Keep a watch.
In last one year this is the third time that Adani ports has formed cup and handle pattern.
We need to watch out whether this pattern will succeed.
This pattern is more meaningful in weekly or monthly charts.