NZD/USD Bullish SHS Pattern on 4H TimeFrame

1 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

The NZD/USD has formed an inverted head and shoulders pattern which suggests an uptrend continuation, but there are few things that bulls need to keep in mind.

Bullish SHS suggests a possible bounce from the POC zone which rests between 0.6572-0.6598.  The first target should be 0.6640 which is a W H5 – the strongest weekly resistance. We will possibly see a profit taking there so the price might easily reverse towards 0.6600 again. Only a clear daily or weekly close above 0.6642 suggest a possible continuation towards 0.6696 – M H3 camarilla pivot.

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