NZD/USD: High Reward:Risk opportunity
Looks like NZD/USD was much more hasty than expected, price broke a weekly resistance trend line to approach a stronger monthly resistance trend line.
The move also completes a bearish bat pattern at around [0.8500, 0.8520].
The RSI(14) shows a bearish divergence as well making lower highs on price higher highs.
First target to take profit would be the middle trend-line which has now turned into support, the second and ultimate target would be the 50% retracement and also a S/R level at price 0.81300.
The move also completes a bearish bat pattern at around [0.8500, 0.8520].
The RSI(14) shows a bearish divergence as well making lower highs on price higher highs.
First target to take profit would be the middle trend-line which has now turned into support, the second and ultimate target would be the 50% retracement and also a S/R level at price 0.81300.
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