1 Dec 2015

INVERSE HEAD AND SHOULDERS PATTERN TRIGGERED ON NZD/USD

NZD/USD H4

The rate has broken the neckline on an inverse head and shoulders pattern and a month-and-a-half- falling trendline resistance.

My bias is now higher with the possible 61.8% and 100% pattern breakout targets at 0.6720 and 0.6785 in mind, however, I am waiting for a pullback to the former neckline for the rate to test it as the new support around 0.6620 to enter my long positions.

I also would like to turn your attention to the 161.8% breakout target at 0.6890 as it coincides nicely with the October highs and the possible infliction point with the longer term falling trendline resistance.




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