New Zealand Dollar / U.S. Dollar
Short
Updated

NZDUSD Pullback in Play – Head & Shoulders Signals More Downside

717
NZDUSD(NZDUSD) is currently trading near the Resistance zone($0.612-$0.605) and has also managed to break the Support zone($0.604-$0.602). We consider the Support zone as the neckline of the Head and Shoulders Pattern.

In terms of classic technical analysis, NZDUSD has managed to form a Head and Shoulders Pattern.

I expect NZDUSD to decline towards the Support zone($0.5968-$0.5946) after completing the pullback.

Note: Stop Loss(SL): $0.6062

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New Zealand Dollar/ U.S. Dollar Analyze (NZDUSD), 1-hour time frame.

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