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NZD/USD Head and Shoulders (November 12, 2013)

NZD/USD seems to have completed the head and shoulders formation on the 4-hour time frame, pending a break below the neckline around .8225. The pattern is roughly 300 pips in height, which suggests that the resulting breakdown could be of the same height.

Take note though that stochastic is already in the oversold zone, which suggests that Kiwi bears are taking a break. A strong catalyst could be needed for a stronger move lower.

nzdusd

Setting a sell stop below .8200 might be a good idea for a conservative entry and a stop above .8250 should be able to weather additional volatility.

By Kate Curtis from Trader's Way

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Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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