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NZD/USD Continuation Bearish SHS Pattern

November 21, 2017 10:38

The NZD/USD is in a strong monthly downtrend. If we zoom in to H4/H1 time frame, we are also able to see a downtrend but also a retracement that is happening now. The POC zone 0.6833-45 (D H4, EMA89, 61.8, ATR top) once hit, could reject the price. At the top of that we also see a continuation Bearish SHS pattern (cont Bearish SHS) that happens in a downtrend, close to supports. Targets are 0.6793, 0.6781 and 0.6760 as long as 0.6670 holds.

L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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