Currency analyst

NZD/USD: bears faced with a barrier

On the NZD/USD daily chart, the "Head and shoulders" pattern has been formed. As a result, the quotes came closer to the lower boundary of the rising trade channel and almost reached the target 88.6% in the "Shark" pattern. "Bears" will have to try hard to get into the convergence area at 0,7-0,704.

On the NZD/USD hourly chart, target 224% in the AB = CD pattern has been fulfilled. If "bears" fail to break out 78.6% and 88.6% levels of the last upward wave, "bulls" can counterattack.

Recommendations: BUY  0,704 SL 0,6985 TP1 0,716 TP2 0,722 BUY 0,7 SL 0,6945 TP1 0,716 TP2 0,722

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