Currency analyst

NZD/USD: bears lost the lead

On the NZD/USD daily chart, the quotes didn't fall below the support line at 0,7225. The realization of the "Head and shoulders" and "Shark" patterns has been postponed. A successful test of the peak of the right shoulder will lead to the restoration of the upward trend. 

On the NZD/USD hourly chart, to move further the "bulls" will have to activate the Shark pattern. For this to happen, they will need to test a resistance line at 0.736 (23.6% Fibonacci of the last upward wave). Once it is tested successfully, the kiwi might head to the upper boundary of the rising trade channel.

Recommendation: BUY 0,736 SL 0,7305 TP 0,752 

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