11 May 2016

NZD/USD - HEAD AND SHOULDERS PATTERN TRIGGERED

NZD/USD H4

The rate has formed a double top pattern and has already broken the neckline at0.6800.

It is currently testing this level as the new resistance so my immediate bias is now lower. The potential breakout targets are 0.6665 and 0.6575, however, asit has broken the 2016 uptrend we may even see the range lows around 0.6400 revisited.

The stops should be based against two levels - 0.6855 as the more aggressive one, although more dangerous as we have yet to see a test of the former broken rising trendline support as the new resistance and the 0.7050 - highs of the double top.




For deeper knowledge on how the Forex market works and how to trade it simple check out our Forex Online School

If you don't want to miss any new trade ideas and updates, subscribe to one of our Trade It Simple Signal Service Plans and receive in your E-mail:
  • Entry details
  • Take-profit details
  • Stop-loss details
  • Trade updates
 SUBSCRIBE HERE!

0 comments :

Post a Comment