Currency analyst

NZD/USD: the ground crumbles from qiwi's feet

On the NZD/USD daily cart there was a rebound from the important level of 0,743 (it is a Fibonacci ratio of 78,6% from the last downward mid-term wave + the upper level of the upward channel). If bulls are not able to overcome this level, it will be evidence of their weakness. The breach of the support at 0.7205 level activates the "Shark" pattern with target at 0.7 (88.6%).

On the NZD/USD hourly chart has worked a "head and shoulders" pattern. Retest of the neckline will create prerequisites for the continuation of the peak towards 0.7205 (target at 224% by AB = CD). Near the current diagonal resistance there is an important level of 0,736 (23.6% Fibonacci of the last upward wave).  

Recommendation: SELL 0,736 TP1 0,7205 TP2 0,7 SL 0,743. 

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