Potential retracement if price retests support level. If this is so - then potential buy order.
If not, then false break data point and then a continuation of downtrend (then potential sell order).
Still working out the Fibonacci retracement tool.
There is a head and shoulders pattern playing out around the 0.5 - 0.618 fibonacci retracement zone. If as expected we will see a short following the C-D trend line of the AB=CD pattern. This should occur with the MA's crossing over to the down side for a good stretch. 1.7440 should be the next target after this roll over down a parallel channel, then a possible...
On daily chart: NZDUSD is currently in a long term uptrend and price is above 200 SMA so should be looking for long trades. Price has pulled back and has found support on a convergence of 200SMA and 50SMA so should be looking to buy on the bounce if support holds . Price is also at lower Bollinger Band so price expected to rise. Stochastic RSI currently in...
