NZDUSD Head and Shoulders pattern issues a sell signal
The NZDUSD pair is under the MA50 (4h) and about to complete a Head and Shoulders pattern.
A break under Support (1) would accelerate what is already a strong sell signal.
Trading Plan:
1. Use split lot. Sell half on the current market price and the rest if/ when the RSI hits its Resistance.
Targets:
1. 0.6100 (over Support 2).
Tips:
1. The MACD (4h) completed a bullish cross on the lowest level in the past month. This may delay the drop to Support (2) for a while but doesn't invalidate the pattern.
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A break under Support (1) would accelerate what is already a strong sell signal.
Trading Plan:
1. Use split lot. Sell half on the current market price and the rest if/ when the RSI hits its Resistance.
Targets:
1. 0.6100 (over Support 2).
Tips:
1. The MACD (4h) completed a bullish cross on the lowest level in the past month. This may delay the drop to Support (2) for a while but doesn't invalidate the pattern.
Please like, follow and comment!!
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Penafian
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