NZD/USD TESTING THE BROKEN CHANNEL SUPPORT AS THE NEW RESISTANCE

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뉴질랜드 달러 / 미국 달러 (FX:NZDUSD)

FX:NZDUSD 뉴질랜드 달러 / 미국 달러

nzdusd kiwidollar headandshoulders ascendingchannel descendingchannel neckline polaritychange oldsupportnewresistance

NZDUSD

The rate is currently testing the former broken falling channel support as the new resistance. I am looking for a strong rejection lower to enter new short position on the larger head and shoulders pattern trade idea.

I would like to see a bit deeper retracement higher for the rate to test the neckline of the head and shoulders pattern around 0.6960 or even the former broken rising channel support as the new resistance around 0.7050, however, as mentioned before - a bounce lower from the former channel support could work as an entry for a smaller short position.