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Potential sharp move down in NZDUSD on D/W in the following weeks?
- We are now at 38.2% fibo level of the previous down move
- The move to 38.2% fibo level was not very aggressive and it seems it developed a bearish flag/raising wedge pattern
- At the moment on daily just developing potential H&S pattern which would create a target at around 0.70
- The last move...
Last week WTI broke out of a falling wedge and H&S patterns and we are now just close to hitting the H&S target.
I think we could see a retest of the 45 USD/bbl mark and then continue the longer term sell off?
