NZDUSD Next Direction is Short
A bear flag is developing on this pair. After a long dip, we are having an upward consolidation. We are now at the upper trendline which coincides with the 61.8% retracement of the down move. Also, if we look further left, we can see that this level has held as support and resistance at different times which means that it is a very good level. We should see price going at least to the lower trendline before bouncing back to continue the bear flag. Chances are that price may continue lower to continue the initial downmove. If we zoom out and look at the chart on the monthly, we can see a well-developed cup pattern which suggests that the long term direction for this pair is bearish, but strong support at important levels are in the way of this long term bearish direction
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.