NZDUSD seems to be completing its run up from the lows near 0.6350, and is forming a typical exhaustion Head and Shoulders Pattern, with a neckline near the uptrending trendline support near the 0.7120 region.Trade Idea : Short
NZDUSD at 0.7100-0.7120 levels with a target price in the region of 0.6800-0.6820 region, for a >4% return.Rationale :
- Completion of H&S Pattern as detailed above, comes in at 0.6800
- As seen in the chart, this is also the 0.5% retracement of the recent move from 0.6350 to the recent highs of 0.7300
- This is also near the longer term trendline support which comes in at the 0.6815 region.
Trade active
Trade entered at 0.7106 right now.Trade active
Pattern invalidated...looking to exit trade at cost of 0.7206(Left a limit order to close at cost)
While I remain bearish on NZD, The trading pattern has been invalidated, and hence am exiting the position
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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.