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Good day fellow traders. I would like to draw Your attention to this pattern that has formed on GBP/NZD H4 chart . There is a pretty good quality Head and Shoulders pattern here. Very clear left shoulder , but smaller and weaker right shoulder. In my opinion it shows that there is enough buying power. I already wrote an article about this pair regarding the daily chart setup where we have something that could be a widening triangle. Daily price action also supports bearish outlook, The distanc…
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NZD/USD
This Head and Shoulders pattern has brought me quite a lot of suffering this week. I am still not very sure about the direction, but I guess it will go up. Maybe it is better to wait a day or two. Bears do not look too confident in selling. It took more time to drive the price down to the last low than it took for the previous one. That is quite common. Of course everything is possible. If there is very strong selling below 0.8150 then there is no support anywhere near. At 0.835 I would consider…
NZD/CHF
Just set up a trade for this pair. As there is still a bullish outlook for USD crosses including New Zealand dollar, I believe that in coming days NZD will experience some buying . It is also possible that pair will not gain enough of momentum, but that is another question. I paid some more attention to this pair as it has completed one of my favorite setups. We can see the expanding triangle at all its beauty. It can serve as reversal pattern as well as continuation. Every time You have a brea…
NZD/USD looking for new highs
NZD/USD finally shows its further direction. No doubt there is weakness in USD which is resembled in this chart. H&S pattern failed. Price broke back above the neckline and creates daily engulfing candlestick. Even some fake selling was initiated before this decent move, giving more reliability to the signal. Enjoy Your weekend.
NZD/USD H&S Failed
NZD/USD Head and Shoulders reversal pattern has failed. There was a clear break out to the downside initiating some selling. But it was not too impressive. Bulls took back control and pushed the price back above the neckline. I would suggest buying now (or wait for a little pullback) with a stop at around 0.814 - 0.816. Target - 0.85 and higher. Stay profitable.
NZD/USD awaiting for further direction
At the market open, price gapped up significantly showing some buying power. Lets see if the pair will manage to close above H&S neckline. If so, I expect a good momentum to the upside - a lot of sellers will have lost their money by that time. There is also strong horizontal support @0.818 - 0.81. There is also a second scenario - pair goes back down and below the horizontal support. That would be a great selling opportunity as no support exists - it will have to be established. Bulls and Bears…