For Traders

Analytical Reviews

Trend line

28.10.202023:45 Forex Analysis & Reviews: NZDUSD rejection signs at major resistance

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

We continue to keep an eye on NZDUSD as we remain convinced that we are currently in the process of forming a right hand shoulder in a bearish Head and Shoulders pattern. So far price remains below the key resistance at 0.67 and is most probably forming a lower high as part of the H&S pattern.

Blue line - neckline support

Red area - resistance

Black lines - Head and Shoulders pattern

Red line - expect size of decline if neckline support fails to hold.

NZDUSD is turning lower from the major resistance level of 0.67. As long as price does not break below 0.6510 the Head and Shoulders pattern is not activated. Bears need to break below 0.6510 in order to regain control of the trend. On the other hand bulls need to break above the red rectangle resistance area in order to continue higher.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.