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NZD/USD Possible Long Trade Setup

NZD/USD Possible Long Trade Setup

We have reached a critical point on NZD/USD. We have 2 different scenarios with same targets.

Our first scenario is the completion of possible head on shoulders pattern. NZD/USD is being priced at 0.73162 currently. Price can test ultimate resistance at 0.73500 Fibonacci Retracement 50% and pulls back towards 0.73000 / 0.72500. Then, reverse from that supports and head for 0.73500 to complete head and shoulders pattern. Target will be 0.74590 and 0.75500.

The second scenario is NZD/USD breaks above the 0.73500 and turns out to be a cup with handle pattern whit the same targets. We will keep eye on the resistance level to be broken ( we need H4 closing above 0.73500 ). Otherwise, we will wait for the pullbacks towards 0.73000 and 0.72500.

NZD/USD Daily Chart

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