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Author Topic: NZD/USD Technical Analysis: Charting an inverse head-and-shoulders  (Read 115 times)

FXshooting

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NZD/USD Technical Analysis: Charting an inverse head-and-shoulders

  • NZD’s recovery from post-CPI low of 0.6750 could end up creating an inverse head-and-shoulders pattern with neckline resistance of 0.6795.
  • A break above the neckline would open doors to 0.6865 (target as per the measured move method).

Hourly chart



Spot Rate: 0.6775

Daily High: 0.6788

Daily Low: 0.6755

Trend: Bullish above 0.6795

Resistance

R1: 0.6795 (inverse head-and-shoulders neckline)

R2: 0.6804 (20-day MA - acted as stiff hurdle on July 9,10, and 11)

R3: 0.6859 (July 9 high)


Support

S1: 0.6748 (July 12 low)

S2: 0.6725 (July 13 low)

S3: 0.6688 (July 3 low)


Ref. www.fxstreet.com/news/nzd-usd-technical-analysis-charting-an-inverse-head-and-shoulders-201807170303

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