NZD/USD Huge Inverted SHS Pattern Suggests Bullish Reversal

NZD/USD Huge Inverted SHS Pattern Suggests Bullish Reversal

Dear Traders,

The NZD/USD has formed a bullish SHS pattern so we might see another bullish reaction from the POC zone –>

The NZD is gaining momentum vs USD just a day prior to FOMC statement and FED cash rate decision. Equities remain solid, so a sense of a mild risk-on sentiment is in play, which may see some capital move into other currencies outside the USD. 0.6650-60 is the zone where fresh buyers are and as long as 0.6628 holds, bulls should be safe. Targets are 0.6648 and 0.6697 with 0.6719 as the final target. Only a drop below 0.6628 could cause a temporary relief where the price might reach 0.6589.

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.