NZD/USD Multi-decade head and shoulders formation
Updated
Long term historical charts of NZD/USD are looking quite bearish from a technical point of view. This multi decade head and shoulders formation could be starting to break down. The head is a nice looking double top as well Price target of .50 over the next 12 months. Lines up nicely with a trend line, the lows in 2009 and the .786 fib from the all time lows to the highs in 2011.
Side not - all the de-Dollarization doom narratives being parroted in recent months seem to be offering a massive contrarian indicator unlike anything I have ever seen. Time to get long USD
Side not - all the de-Dollarization doom narratives being parroted in recent months seem to be offering a massive contrarian indicator unlike anything I have ever seen. Time to get long USD
Note
We have all been given a gift to one of the greatest short opportunities of the decade. Short NZD/USD here and take it down to .50Note
Still absolutely think this could happen by year end, Still sating short. Adding significantly if it breaks the 2020 and 2022 lows. Target .50 then buying massively
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