NZDUSD Analysis: At a critical point with double trade scenarios
NZDUSD has been in a downtrend for quite some time.
Scenario 1:
On reaching to a strong support level it has formed what looks like a perfect inverted head and shoulders reversal pattern. Price is currently at the neckline and what we expect next is for it to move up a little bit then pull back for a retest of the neckline so that we can go long for the pair.
Scenario 2:
The price looks like following a descending channel in which it has tested and respected several times. If the price bounces off from the channel resistance line then we can go short.
Let me know your views about this pair. If you like the analysis you can like to show agreement.
Scenario 1:
On reaching to a strong support level it has formed what looks like a perfect inverted head and shoulders reversal pattern. Price is currently at the neckline and what we expect next is for it to move up a little bit then pull back for a retest of the neckline so that we can go long for the pair.
Scenario 2:
The price looks like following a descending channel in which it has tested and respected several times. If the price bounces off from the channel resistance line then we can go short.
Let me know your views about this pair. If you like the analysis you can like to show agreement.