NZD/USD Bullish Head and Shoulders Should Provide a Breakout to the North

NZD/USD Bullish Head and Shoulders Should Provide a Breakout to the North

Dear Traders,

The NZD/USD is showing a bullish pattern as we might see a spike to the upside at the close above the trend line.

4h close above 1.6320 with a bullish candlestick will provide a possible move to the upside. We can clearly see a bullish SHS pattern AKA Inverted Head ad Shoulders. A strong 4h close above should target 0.6348, 0.6374 and 0.6385. Only a break below 0.6238 will negate this bullish scenario. However, pay attention to any bullish impulse that should form the bullish candlestick above 0.6320 as the beginning of intraday uptrend that should last during the US and Tokyo session.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.