NZDSEK FORMING INVERSE HEAD AND SHOULDERS?

Short

NEW ZEALAND DOLLAR / SWEDISH KRONA (FX_IDC:NZDSEK)

Updated

FX_IDC:NZDSEK NEW ZEALAND DOLLAR / SWEDISH KRONA

trendanalysis harmonicpatterns chartpattern nzdsek nzdsell nzdsetup

Looks like market was forming a down channel and has already broken out but expecting some more upside to follow.

Also, with this down channel we see an inverse head and shoulders within which in-turn should breakout to the upside and therefore more upside to be expected with both patterns observed.

Yellow horizontal lines indicate target zones for more upside.

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Do set stop losses when trading but be generous with how much room you allow for this due to candle wicks and there is also the possibility to hedge yourself, for more confident traders.

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Comment:

I just realised i put this as shot not buy, but if you read the description, you would see i intended a buy. Must have clicked the "short" button in the publishing area by accident but inverse head and shouders is a buy if you know your patterns. Sorry for the mixup there.

Comment:

it even hit my 2nd take profit zone as you can see in the development after you press the play button.

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