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Currency analyst

NZD/USD: kiwi is forming the second shoulder

On the NZD/USD daily chart, there is a formation of the "Head and shoulders" pattern. The fall of quotes below the neckline at the 0.726 level will be a signal for the opening of short positions with the target, at least, at the 0.717 level. In the future, there might be a further depreciation of the NZD, kiwi can fall down to the 0.7 level ( the target 88.6% in the "Shark"pattern).

On the NZD/USD hourly chart "bears" are going to attack the diagonal support. A breakout of the lower boundary of two parallel rising trading channels will increase the risk of quotes falling down to the 0.7155 and 0.705 levels (61.8% and 78.6% Fibonacci of the recent "bull" wave).

Recommendation: SELL 0,726 SL 0,732 TP1 0,717 TP2 0,705.  

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