NZDUSD - Daily - Possible Head & Shoulders pattern in progress?
It looks like we could be tracing out a head and shoulders pattern here on the Daily chart for the Kiwi/Dollar. I don't usually trade the pair on the Daily timeframe, but wanted to put this idea up anyway for anybody looking at more of a longer term trade (i.e. longer than intraday/intraweek timeframes).
Potential targets, if I were in this, initial target 1 would be down around the neckline of this pattern - if we see a break & close below here, then my extended targets would be down around the 0.7000 even level given the tone of the last RBNZ session coupled with some Fib confluence down around that area as well. Patience will be the key with this one I think given the current fluctuations around the USD.
Potential targets, if I were in this, initial target 1 would be down around the neckline of this pattern - if we see a break & close below here, then my extended targets would be down around the 0.7000 even level given the tone of the last RBNZ session coupled with some Fib confluence down around that area as well. Patience will be the key with this one I think given the current fluctuations around the USD.