Since December 2015, $NZDUSD respected 2 patterns I've mentioned for it (red Gartley and blue Gartley) and reached from the bottom of the weekly range to its top last week when it touched 0.685.
As you can see, when $NZDUSD reached 0.685 and tested its weekly trading range's top (also a broken trend line that acted as resistance) it folded and closed the week below 0.68,
0.685-0.69 is the nearest strong resistance zone that you can try and short as long as $NZDUSD will remain below it..
However, if the price will break higher, I would pay close attention to 0.7 - A psychological level that also includes 2 harmonic patterns completion zones - Bearish AB=CD pattern and bearish Butterfly.
0.7 Would be a great sell zone to monitor if the price will find the strength to reach to it.
Obviously, the first target zone in such scenario would be 0.685 - A resistance that will turn to support.. but I wouldn't rule out a deeper retracement to lower level, even to the 200 days MA as $NZDUSD perhaps just started its weekly reversal and it may be a shaky one.
Tomer, The MarketZone
You can follow my blog on goo.gl/e5I2PP
Subscribe to my newsletters goo.gl/A37aEX
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As you can see, when $NZDUSD reached 0.685 and tested its weekly trading range's top (also a broken trend line that acted as resistance) it folded and closed the week below 0.68,
0.685-0.69 is the nearest strong resistance zone that you can try and short as long as $NZDUSD will remain below it..
However, if the price will break higher, I would pay close attention to 0.7 - A psychological level that also includes 2 harmonic patterns completion zones - Bearish AB=CD pattern and bearish Butterfly.
0.7 Would be a great sell zone to monitor if the price will find the strength to reach to it.
Obviously, the first target zone in such scenario would be 0.685 - A resistance that will turn to support.. but I wouldn't rule out a deeper retracement to lower level, even to the 200 days MA as $NZDUSD perhaps just started its weekly reversal and it may be a shaky one.
Tomer, The MarketZone
You can follow my blog on goo.gl/e5I2PP
Subscribe to my newsletters goo.gl/A37aEX
Join the Facebook Group goo.gl/MxkFgq
Follow on Youtube goo.gl/eH3WXV
