NZDUSD - Weekly Update
Recent price action: Bearish
Pattern: Head and shoulders
Long-term momentum: Bullish/ranging
Short-term momentum: Bearish
Bias: Short
Action: Need a break of neckline on head and shoulders pattern to indicate further movement to the downside.
Comments: Price is moving exactly how I forecasted when the right shoulder was forming. High chance of getting a bounce back to the upside once weekly support it hit. Price has not been able to get below this level since April 2016.
Pattern: Head and shoulders
Long-term momentum: Bullish/ranging
Short-term momentum: Bearish
Bias: Short
Action: Need a break of neckline on head and shoulders pattern to indicate further movement to the downside.
Comments: Price is moving exactly how I forecasted when the right shoulder was forming. High chance of getting a bounce back to the upside once weekly support it hit. Price has not been able to get below this level since April 2016.