NZDUSD falls after exiting the pattern
Since June 2020, the price has been moving in an upward channel.
However, in November it broke through the upper channel line (support line) at 0.692.
And then the 0.704 support line.
Having fixed on it, the price continued to grow until it reached its monthly maximum in the 0.730 region.
The chart shows the formation of the Head and Shoulders pattern.
There is an initial trend (up) and three peaks.
The pattern is reversal, so the price must reverse the trend.
I expect the price to fall towards the support area (intersection of two strong lines and a channel line).
The target is 0.701.
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Share your opinion in the comments and support the idea with likes.
Thank you for your support!
However, in November it broke through the upper channel line (support line) at 0.692.
And then the 0.704 support line.
Having fixed on it, the price continued to grow until it reached its monthly maximum in the 0.730 region.
The chart shows the formation of the Head and Shoulders pattern.
There is an initial trend (up) and three peaks.
The pattern is reversal, so the price must reverse the trend.
I expect the price to fall towards the support area (intersection of two strong lines and a channel line).
The target is 0.701.
---------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
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🔻FREE Telegram channel🔻
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