Thu, Sep 29, 2022 @ 07:56 GMT
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NZD/USD completed head and shoulder bottom, targets 0.657/9

NZD/USD surges to as high as 0.6452 so far today and it’s still in upside acceleration mode. This week’s break of 0.6351 resistance completes a head and shoulder bottom pattern (ls: 0.6195, h: 0.6059, rs: 0.6211). The strong break of 55 day EMA, and bullish convergence condition in daily MACD are both bullish signs too.

Further rise is now expected as long as 0.6351 resistance turned support holds. Next target is 0.6575 cluster resistance zone (38.2% retracement of 0.7463 to 0.6059 at 0.6595). This is the major resistance zone for NZD/USD to overcome. Decisive break there will raise the chance of medium term bullish reversal. Meanwhile, rejection by 0.6575/95 will maintain medium term bearishness.

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