19 Dec 2016

NZD/USD - HEAD AND SHOULDERS IN CARDS

NZD/USD DAILY

The rate is currently testing one of two levels considered to be neckline (dotted and solid Red) for the head and shoulders pattern which started forming back in July.

It bounced higher from the lower parallel of a falling channel support (black) so it is essential we wait for a break below the Friday's low at 0.6930 before entering any shorts, as we might as well be seeing a consolidation higher along/below the former broken 2016 rising channel support.

NZD/USD WEEKLY

This head and shoulders pattern has formed at the former broken major support area (0.7350-0.7500), which is a good indication that further downside is indeed in the cards.

The immediate targets includes another possible rising trendline (grey) support around 0.6779 and the the last years lows at 0.6200.


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