NZDUSD Forecast: Potential Head and Shoulders Formation
With this pair we have recently seen a failure to create a higher high past 0.6970, followed by a daily chart tweezer top rejection of weekly resistance 0.6900. Consequently this pair has seen a massive sell-off back down into monthly support in and around 0.6700. We are now finally starting to see a slow-down of momentum for a potential correction back into the 0.6850 region at our favored fibonacci levels in alignment with a potential right shoulder. A rejection of this level could lead us swiftly back down into our neckline/monthly support. A break of this neckline for a swift sell-off into our fibonacci extension target 0.6585 which is in nice alignment with our previous higher low. Trade safely! Cheers.
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