If NZDUSD will overcome 0.73, next resistance zone is 0.74
NZDUSD is struggling with weekly resistance zone right now - 0.73 is the top of the current zone.
If NZDUSD will manage to overcome this price zone, next resistance zone is near 0.74 and it includes completion of a bearish Butterfly pattern and also a daily structure zone that was active during the first half of 2015.
NZDUSD recently broke out of a daily downtrend line so the longer term view now turned to bullish - that is why 0.74 can lead to a short term pullback towards the new uptrend line - 0.73, 0.71 and 0.7 are potential target levels for this bearish harmonic setup.
Tomer Jakov, The MarketZone
To subscribe to the my weekly newsletters - goo.gl/JfOLoR
If NZDUSD will manage to overcome this price zone, next resistance zone is near 0.74 and it includes completion of a bearish Butterfly pattern and also a daily structure zone that was active during the first half of 2015.
NZDUSD recently broke out of a daily downtrend line so the longer term view now turned to bullish - that is why 0.74 can lead to a short term pullback towards the new uptrend line - 0.73, 0.71 and 0.7 are potential target levels for this bearish harmonic setup.
Tomer Jakov, The MarketZone
To subscribe to the my weekly newsletters - goo.gl/JfOLoR
