Looking like we have possibly completed a 5 wave sequence and have now formed a head and shoulders based on USD price action and the DXY weakening look to sell a breakout
NZDUSD has been depreciating for a sixth day in a row - the longest losing streak in over three months. The currency pair is trading barely above the 0.67 figure on Monday and it looks as if the longer-term down trend has resumed.
The US dollar feels relatively comfortable at the current levels. The key risks for the greenback are the prolonged US government...
I am eyeing the 0.75 price for a short opportunity.
This is because:
Price has respected this level in the past
An AB=CD pattern is on the verge of completing right at the level
Price is overbought on the RSI
What we see here is a Bull 123, Hidden Divergence
PA potentially may find support at the 200MA, i can expect a few pin bars down to a previous demand zone at 1.10702/1.10518 and the ascending TL. We look for an entry on the lower TFs to get into this move.
Look like i'm The Bullington Today. Lol
