28 Sep 2016

HEAD AND SHOULDERS PATTERN on NZD/USD

NZD/USD DAILY

The rate has formed a head and shoulders pattern after bouncing lower from a rising channel floor.
I am looking for a break lower below the neckline and 0.7200 level to target the channel's lower boundary around the 61.8% breakout target at 0.7050.

A break above the yesterday's close at 0.7300 would relieve the immediate bearish tension and invalidate my immediate downside bias for the pair.




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