NZD/USD Technical Analysis: Charting an inverse head-and-shoulders
|- NZD’s recovery from post-CPI low of 0.6750 could end up creating an inverse head-and-shoulders pattern with neckline resistance of 0.6795.
- A break above the neckline would open doors to 0.6865 (target as per the measured move method).
Hourly chart
Spot Rate: 0.6775
Daily High: 0.6788
Daily Low: 0.6755
Trend: Bullish above 0.6795
R1: 0.6795 (inverse head-and-shoulders neckline)
R2: 0.6804 (20-day MA - acted as stiff hurdle on July 9,10, and 11)
R3: 0.6859 (July 9 high)
Support
S1: 0.6748 (July 12 low)
S2: 0.6725 (July 13 low)
S3: 0.6688 (July 3 low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.