The currency pair New Zealand Dollar NZDUSD completes the current week falling within the mining reversal forex head and shoulders pattern. The currency pair New Zealand Dollar now looks very bearish the pair in the forex market, due to the downward trend line test on the weekly chart, this we wrote in the forecast of NZD/USD on May 2016.
Forecast NZD/USD for the week 05.16.2016 — 05.20.2016
So if you were able to open the sale of a right shoulder reversal patterns forex head and shoulders to keep their costs because capacity NZDUSD fall of quotations suggests test lows area at a level below 0.60. At the current trading week 05.16.2016 — 05.20.2016 the immediate goal of the fall is the area of the pair of quotes rising channels lower border at 0.6550 below. Cancellation option may be to try to increase to above the level of 0.70, but this option we consider unlikely.
Thus, Forecast NZD/USD for the week 05.16.2016 — 05.20.2016 suggests a drop in prices in the region of the rising channel’s lower border in the framework of working out the forex head and shoulders pattern.
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