#NZDUSD @ 0.61904 bulls eye horizontal resistance and a test of 0.6270 that guards 0.6300.
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- NZD/USD bulls eye horizontal resistance and a test of 0.6270 that guards 0.6300.
- The right-hand side of the inverse head and shoulders is underway.
NZD/USD is in the throes of completing the right-hand side of the inverse head and shoulders pattern as the following charts illustrate:
The price has been buried below trendline resistance and the neckline of the head and shoulders as per the weekly chart above.
The right-hand shoulder is being carved:
Breakout shorts were triggered into the market on a break of 0.6200 which leaves prospects of a short squeeze and completion of the lows in the right-hand shoulder. This leaves prospects of a move towards horizontal resistance and a test of 0.6270 that guards 0.6300.
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