Trading NZD/USD with L.Vereshchagin
NZD/USD Technical analysis from 20.11.2013 by Leonid Vereshchagin
Chart 1. Daily NZD/USD
Daily chart still maintans the general bearish outlook, formed a week ago. We still see the uncompleted "head and shoulders" pattern. The right "shoulder" has turned into a "double shoulder". The pair needs to push lower in order to confirm this idea. которая нарисовалась уже неделю назад. Перед нами неотработанная и неотменённая фигура “голова и плечи”. Our SELL position is based on that expected bearish impulse.
SELL is optimal in the 0.8375-0.8413 range
Stop Loss: 0.8556
Take Profit: 0.8230
Chart 1. H4 NZD/USD
New technical levels open on the H4 chart. In particular, we see a broken trend resistance, currently acting as a support. The nearest TP lies at 0.8290. Alternative stop loss can be placed at 0.8490.
Technical analysis by Leonid Vereshchagin
Independant FX trader, coach and analyst